Air Arabia reports AED 71 million net profit in Q1

Air Arabia reported a net profit of AED 71 million during the first quarter of 2020 despite the COVID-19 impact.

The net profit was 45 per cent less than the corresponding 2019 figure of AED128 million.

The turnover was AED 901 million, a 12 per cent less than the corresponding first quarter of last year.

More than 2.4 million passengers flew with the low-cost airline between January and March 2020 across the carrier’s four hubs, a 14 per cent lower than the number of passengers carried in the first quarter of 2019.

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 per cent.

"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," said Sheikh Abdullah Bin Mohamed Al Thani, Chairman of Air Arabia.

"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, highlighting its readiness to start operating from Abu Dhabi as market conditions improve and skies are open again.