Air Arabia (PJSC), the first and largest low-cost carrier (LCC) in the Middle East and North Africa, today released its financial results for the third quarter of 2007. The airline’s net profit for the three months ending September 30, 2007, stood at AED 165 million, an increase of 244 per cent compared to AED 48 million during the third quarter of 2006.
For the third quarter of 2007, the company posted a turnover of AED 369 million, up 65 per cent compared to AED 224 million during the third quarter of last year. During the third quarter of 2007, the airline served 729,745 passengers, an increase of 49 per cent compared to 489,509 passengers during the same period in 2006.
Adel Ali, Board Member and Chief Executive Officer of Air Arabia, said, “All of us at Air Arabia are extremely pleased to yet again post such strong results. Our passengers and shareholders have confidence in our efforts and are benefiting from the company’s success. Our record of profit and achievement has made us the LCC of choice in the Middle East and North Africa, and we intend to maintain our momentum by continuing to offer what is best for our customers and investors.”
The positive financial results for Air Arabia in the third quarter of 2007 reflect a continued upward trend for the carrier. For the first nine months of 2007, the company posted a net profit of AED 280 million, up 331 per cent compared to AED 65 million during the same period last year. For the same period, the company posted a turnover of AED 889 million, up 68 per cent compared to AED 528 million in the first nine months of 2006. In the first nine months of 2007, the airline served a total of 1,954,982 passengers, an increase of 55 per cent compared to 1,265,528 passengers during the first nine months in 2006.
“Our performance underlines Air Arabia’s continued growth in the marketplace,” said Ali. “In July, we were given permission to list our shares on the Dubai Financial Market and now we are totally set for expansion mode. In four years time, not only we have changed the perception of air travel in this part of the world, we have created a unique investment opportunity for our customers to join this true success story.”
