SHARJAH, Air Arabia today reported a net profit of AED71 million during January to March 2020 despite COVID-19 impact on the carrier’s first quarter financial and operational performance.
The net profit was a 45 percent less than the corresponding 2019 figure of AED128 million. The turnover was AED 901 million, a 12 percent less than the corresponding first quarter of last year, the low-cost airline said in a statement.
More than 2.4 million passengers flew with Air Arabia between January and March 2020 across the carrier’s four hubs, a 14 percent lower than the number of passengers carried in the first quarter of last year.
The airline’s average seat load factor – or passengers carried as a percentage of available seats – during the first three months of 2020 maintained its high average and stood at 83 percent.
Sheikh Abdullah Bin Mohamed Al Thani, Chairman of Air Arabia, said, “Air Arabia witnessed a strong start of the year across the breadth of its operations. However, the impact of COVID-19 pandemic on the global aviation, which materialised in airport closures, travel restrictions and low travel demand, has affected the overall performance of the quarter. Nonetheless, we are glad that Air Arabia still managed to deliver profitability and solid performance during the first quarter of this year.”
He added, “Since the start of the COVID-19 pandemic, we have reacted quickly and took all possible measures to protect our passengers and crew while ensuring we continue to fly safely where we can. Additionally, the management team has taken a series of business decisions to control our fixed and running costs during this period while supporting our business continuity. All these measures are set in motion at a time when airlines around the world continue to battle the biggest challenge faced in the history of aviation”.
He concluded, “Air Arabia enjoys a flexible and robust business model and is driven by a clear business strategy. While this pandemic remains impacting the world economy and providing very little visibility towards the future, we have full confidence in the strength of the aviation industry worldwide and its crucial role in supporting economic recovery post COVID-19. In the meantime, we continue to make daily decisions that supports our business continuity and remain fully engaged with regulators to ensure we can serve our customers while adhering to the highest international safety standards.”
Last month, the carrier announced that Air Arabia Abu Dhabi has received its Air Operating Certificate, AOC, highlighting its readiness to start operating from Abu Dhabi as market conditions improve and skies are open again.
Source: Emirates News Agency