Air Arabia’s third quarter net profit soars by 575%

Air Arabia’s third quarter net profit soars by 575%

Sharjah: Air Arabia has announced financial results for the third quarter of the current year ending 30th September, registering a strong net profit of AED209 million for the three months; an increase of 575 percent compared to the same period last year. The company's turnover for the said quarter increased by 174 percent to AED804 billion, compared to AED294 million in the corresponding period last year. Air Arabia served over 1. 9 million passengers in the third quarter from its five hubs in the UAE, Morocco and Egypt, an increase of 190 percent 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 percent. The operational and financial results achieved this year signals a steady recovery that the industry witnessed and was driven by the ease of travel restrictions and the demand for air travel. This is the fourth consecutive profitable quarter that Air Arabia managed to register since the pandemic hit the aviation industry. Sheikh Abdullah bin Mohamed Al Thani, Chairman of Air Arabia, said, "Air Arabia's solid performance in