Air Arabia reports $19.3 million Q1 profit

UAE based, low-cost airline Air Arabia published a net profit of $19.3 million in the first quarter of 2020.

There was a 45 percent decrease in net profit in comparison to the corresponding 2019 figure of $34.85 million. The turnover at $245.3 million, was less by 12 percent compared to the corresponding first quarter of last year.

More than 2.4 million travelers flew with Air Arabia between January and March 2020 across the carrier’s four hubs, which was 14 percent lower than the number of passengers carried in the first quarter of last year.

“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 materialized 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.”

Mr. Al Thani added, “Since the start of the COVID-19 pandemic, we have reacted quickly and took all possible measures to protect our passengers and crew while ensuring we continue to fly safely where we can. Additionally, the management team has taken a series of business decisions to control our fixed and running costs during this period while supporting our business continuity. All these measures are set in motion at a time when airlines around the world continue to battle the biggest challenge faced in the history of aviation”.

He concluded, “Air Arabia enjoys a flexible and robust business model and is driven by a clear business strategy. While this pandemic remains impacting the world economy and providing very little visibility toward 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 support our business continuity and remain fully engaged with regulators to ensure we can serve our customers while adhering to the highest international safety standards.”