Air Arabia posts H1 2019 net profit of US$92m, up 47% from H1 2018
Sharjah's low-cost carrier also recorded a 75% increase in its Q2 net profit, posting $57m for this period
Air Arabia registered a record net profit of AED210m (US$57.18m) in Q2 2019, an increase of 75% compared to the AED120m ($32.68m) reported for the same period last year, while its results for H1 2019 registered a net profit of AED338m ($92m), a 47% increase compared to AED230m ($62.63m) for the same period last year.
Air Arabia chairman Sheikh Abdullah Bin Mohamed Al Thani said in a statement: "Air Arabia’s record second quarter and first half 2019 performance reflects the strength of the business model we operate as well as the appealing demand for the value driven services that Air Arabia offers."
The company’s turnover for the second quarter of 2019 increased by 22% to AED 1.144bn ($311.5m), compared to AED938m ($255m) in the corresponding period last year. This was backed by growth in passenger demand with Air Arabia serving over three million passengers from its four hubs in the UAE, Morocco and Egypt, an increase of 16% compared to 2.59 million passengers carried in the same quarter last year.
Al Thani said: "We are glad the strong Air Arabia performance witnessed in the first quarter of this year continued in the second quarter driven by our cost control measures, improved yield margins and strong passenger demand."
The company’s turnover for the first six months of 2019 reached AED 2.173bn ($591.7m), an increase of 20% compared to AED1.816bn ($494.48m) in the corresponding period last year. Air Arabia served over 5.82 million passengers from all its four hubs in the first half of 2019, an increase of 12% compared to first half of 2018.
During the first half of 2019, Air Arabia received its first brand new Airbus A321 neo LR airplane, which accommodates 215 passengers, bringing its total fleet size to 54 aircraft.
The carrier added a total of 10 new routes to its global network in the first half of this year. Flights from Air Arabia’s hub in Morocco commenced from Casablanca to Lisbon, Pisa, Prague and Tunis while new flights started between Tangier and Lyon; Fez and Rome. The carrier also expanded its operation from its Egypt hub with new flights connecting Sharm El Sheikh to Milan Bergamo, Amman and Luxor; as well as Sohag to Riyadh. Air Arabia also announced the launch of four new destinations from its main hub in Sharjah to Kuala Lumpur, Tunis, Vienna and Bishkek with flights commencing in third quarter of this year.