Air Arabia posts 20% rise in Q1 profit

The carrier said its net profit for the first quarter was 20% higher than the Dhs49m that it earned in the same period in 2012. Claiming that its profit exceeded analysts' forecasts, the airline attributed the increase to its 'appealing product offering and strong operational performance'.

"We are delighted to showcase yet another quarter of strong financial and operational performance," said Sheikh Abdullah Bin Mohammad Al Thani, Chairman of Air Arabia. "Today's announcement further demonstrates that Air Arabia continues to set benchmark for the LCC model as well as for the wider aviation sector in the region. For almost a decade we worked tirelessly to offer what our customers want- a wide range of destinations at affordable prices."

He added, "As the airline is on a steady growth trajectory, the sustained profitability and solid growth margins enable Air Arabia to enter new geographies and launch new ventures. As we are soon celebrating our 10th anniversary, we remain committed to deliver exciting travel solutions to millions of passengers every year."

Air Arabia launched non-stop services from its primary hub in Sharjah to four new destinations in Q1. In addition, the carrier increased frequency of flights from Sharjah to Beirut in Lebanon, Salalah in Oman, and Dhaka in Bangladesh.

Last month, the airline reported that it carried a record 1.4 million passengers in the first quarter of this year, the highest number of passengers it has handled in a quarter since its inception in 2003. The passenger number was 18% higher compared to the same period last year, while the carrier's load factor stood at 82%.

Air Arabia currently operates a fleet of 33 Airbus A320 aircraft, serving 85 routes from three hubs in the UAE, Morocco and Egypt. In Q1, Air Arabia took delivery of two A320s, and plans to receive four more of the aircraft this year.