Air Arabia defies downturn with 32% profit increase

Air Arabia achieved a net profit of AED103 million ($27.81m) in the first quarter marking a 32% increase on last year's AED78m ($21.06m). The carrier posted a turnover of AED463m ($125m) in the first quarter of 2009, up 21% compared to AED383m ($91.26m) during the first quarter of last year.

The carrier also increased its passenger loads by 26% and claimed an average seat load factor of 81%.

“Globally, the aviation industry faced extraordinarily difficult market conditions in the first three months of this year, primarily due to the worldwide financial crisis and its direct impact on the travel habits of both business and leisure passengers,” said Adel Ali, Group Chief Executive of Air Arabia. “While Air Arabia is not insulated from the fallout of the global financial crisis, we are extremely pleased to have been able to continue our own positive momentum in the first quarter of 2009, as today’s announcement demonstrates.”

“World economies are changing fast and we recognise the challenges that lie ahead for the aviation sector. Through our ongoing organic growth strategy and operational excellence, Air Arabia will remain the market leader across the Middle East, North Africa and beyond.”