Air Arabia posts solid Q3 net profit of $56.9m

Air Arabia, the Middle East and North Africa’s first and largest low-cost carrier, has announced strong financial results for the third quarter of this year ending September 30, 2021, despite the impact of Covid-19 pandemic on the performance of the aviation industry. Air Arabia registered a strong net profit of AED209m for the three months ending September 30, 2021, an increase of 575% compared to the same period last year, which was heavily impacted by the pandemic restrictions on air travel. The company’s turnover for Q3 2021 increased by 174% to AED804m, compared to AED294m in the corresponding period of last year, the airline said. Air Arabia served over 1.9m passengers in Q3 from its five hubs in the UAE, Morocco and Egypt, an increase of 190% compared to the number of passengers carried in the same quarter last year. The average seat load factor – or passengers carried as a percentage of available seats – for the same quarter stood at an average of 70%.<br/>