Air Arabia, an Emirati low-cost airline, has said its net profit surged by 575 per cent year-on-year to Dh209 million in the third quarter.
The Sharjah-based company’s quarterly turnover climbed by 174 per cent to Dh804 million, compared to Dh294 million in the corresponding period last year. The company said the number of its passengers increased by 190 per cent to nearly 2 million during July-September this year.
Air Arabia also registered Dh253 million earnings during the first nine months of the ongoing year with an increase of 219 per cent compared to the same period last year. The company’s first three-quarter turnover grew Dh1.8 billion, up by 42 per cent compared to the corresponding period the previous year.
In a statement, Air Arabia Chairman Sheikh Abdullah Bin Mohamed Al Thani said the ‘positive results’ were backed by the gradual resumption of operations in the third quarter and the company’s cost control measures it adopted since the start of the pandemic.
During the first half of this year, the company included 43 new routes in its international network from its hubs in the UAE, Morocco, and Egypt.
Air Arabia signed an agreement in September with Lakson Group, one of Pakistan’s leading business conglomerates, to launch a new low-cost airline based in Pakistan.