Air Arabia, the first low-cost carrier (LCC) in the Middle East, yesterday announced that its first quarter net profit jumped 81 per cent to Dh78 million in the first quarter of this year compared to Dh43 million in the same period last year.
During the first quarter of 2008, the company posted a turnover of Dh383 million, up 59 per cent, compared to Dh241 million during the first quarter of 2007.
The airline served 757,000 passengers in the first quarter this year against 577,000 passengers during the same period in 2007, registering an increase of 31 per cent. Average seat factor – passengers carried as a proportion of available seats – stood at 85 per cent for the first quarter of 2008, up two per cent.
Adel Ali, CEO of Air Arabia, said: "We look forward to continued positive returns and high profits in the time to come. The high price of oil as well as increasing inflation rates put additional challenge on air transport sector across the globe, but the strong economic growth of this region contributes to a sustained and subsequent market and travel growth."
In the first quarter, the company purchased two new Airbus A320s aircraft, boosting its fleet size to 13 aircraft.