ETW STAFF – Mumbai
Air Arabia Group, the largest low-cost carrier (LCC) in the Middle East and North Africa, has announced its financial results for the third quarter of 2012. For the three months ending September 30, 2012, Air Arabia reported a net profit of AED 226 million, an increase of 126 per cent as compared to AED 100 million in the corresponding period in 2011.
The carrier’s turnover for the third quarter reached AED 836 million, an increase of 19 per cent compared to the same period last year. Sheikh Abdullah Bin Mohammad Al Thani, chairman of Air Arabia, described the exceptional financial performance as a result of the airline’s strong business model, excellent cost control margins and its prudent growth strategy. He said: “The sustained profitability and solid growth margins signal that Air Arabia is on a steady growth trajectory. The extremely positive financials further validates our concerted efforts to unlock opportunities for the low-cost model, which is pioneered by Air Arabia in the wider Arab region, while continuously making air travel accessible to millions of customers every year.”
