Air Arabia, the UAE’s only publicly listed airline, posted a 29 per cent jump in first-quarter net profit, beating analysts’ estimates.
The Sharjah-based low-cost carrier made a net profit of Dh71.6 million in the three months to March 31, up 29 per cent from Dh55.3m a year earlier, it said in a bourse statement.
Two analysts polled by Reuters forecast Air Arabia's profit at Dh49.8m and Dh57.5m.
Turnover in the period was Dh827m, an increase of 14.5 per cent compared to Dh722m a year earlier. The airline served 1,630,000 passengers in the first quarter, up 12 per cent year on year with average seat load factor at 81.5 per cent, the company said.
“Our route, fleet and hub expansion strategy continues to deliver profitability while bringing ever greater connectivity and flexibility to people across the Middle East and North Africa,” said Sheikh Abdullah Bin Mohammed Al Thani, the airline’s chairman.
In March, the company approved a Dh338.3m dividend payout to shareholders.
Air Arabia started operating flights from Ras Al Khaimah last week as the emirate’s designated carrier and will initially connect Jeddah, Cairo and Muscat, with more destinations in Pakistan, Bangladesh and eventually India.
* with Reuters
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