Air Arabia Q1 net profit up by 33 per cent, passenger traffic up by 17 per cent

03 May 2007

1
Dubai: Air Arabia, the first low-cost carrier in the Middle East and North Africa, has released its financial results for the first quarter of 2007. It said that its net profit for the three months ending March 31, 2007, increased 33 per cent between the fourth quarter of 2006 and the first quarter of 2007, at AED 43.4 million. For the same period, the company posted a turnover of AED 252 million.

The airline also said that it carried 580,000 passengers during the same period, an increase of 17 per cent in its passenger traffic.

Adel Ali, chief executive officer of Air Arabia, made the announcement on the sidelines of the Arabian Travel Market, an industry trade fair being hosted in Dubai.

Adel Ali said: "We are extremely pleased to post such strong results for the first quarter of this year, which is historically a low season for the industry. At a time when Air Arabia is in full expansion mode - including more flights and destinations and new ancillary services - we are proud that our financial fundamentals remain on a strong upward trend."

The company's net profit for 2006 stood at AED 101 million, up 222 per cent compared to AED 31.3 million in 2005. For the same period, the company posted a turnover of AED 749.16 million, up 82 per cent compared to AED 411 million in 2005.

The Sharjah-based low-cost carrier, which recently successfully concluded an AED 2.5 billion IPO, will shortly list its shares on the Dubai Financial Market. The company intends to use the proceeds from the offering, in addition to bank financing, to expand the size of its existing fleet from nine to at least 34 aircraft by 2016.

Business History Videos

History of hovercraft Part 3...

Today I shall talk a bit more about the military plans for ...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of hovercraft Part 2...

In this episode of our history of hovercraft, we shall exam...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Hovercraft Part 1...

If you’ve been a James Bond movie fan, you may recall seein...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Trams in India | ...

The video I am presenting to you is based on a script writt...

By Aniket Gupta | Presenter: Sheetal Gaikwad

view more