Air Arabia flying high
Regional airline announces increase in profits for first quarter
Low-cost airline Air Arabia demonstrated that it was bucking the economic trend, by announcing a profit increase of 32% for the first three months of 2009.
Air Arabia achieved a net profit of AED 103million (US $28million) for the first three months of this year, up 21% from the previous three months.
Air Arabia board member and group chief executive officer Adel Ali said: “While Air Arabia is not insulated from the fallout of the global financial crisis, we are extremely pleased to have been able to continue our own positive momentum in the first quarter of 2009, as [this] announcement demonstrates.
“Globally, the aviation industry faced extraordinarily difficult market conditions in the first three months of this year, primarily due to the worldwide financial crisis and its direct impact on the travel habits of both business and leisure passengers.”
Air Arabia, who served a total of 951,000 passengers in the first quarter of 2009, recently launched Air Arabia Maroc — a joint venture operating flights to Casablanca, Morocco, as well as two other destination, Goa, India, and Athens, Greece.
“Travellers everywhere increasingly see the appeal of low-cost services in general and those of Air Arabia in particular,” added Ali.
“Through our ongoing organic growth strategy and operational excellence, Air Arabia will remain the market leader across the Middle East, North Africa and beyond.”