Air Arabia Sees Profits Decline 45% in First Quarter of 2020
Air Arabia has reported a profitable first quarter 2020 despite COVID-19 impact on the carrier’s first quarter financial and operational performance.
Air Arabia reported a net profit of $19.33 million for the three months ending March 31, 2020, a 45% less than the corresponding 2019 figure.
In the same period, the airline posted a turnover of $245 million, a 12% less than the corresponding first quarter of last year.
More than 2.4 million passengers flew with Air Arabia between January and March 2020 across the carrier’s four hubs, a 14% lower than the number of passengers carried in the first quarter of last year.
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%.
Sheikh Abdullah Bin Mohamed Al Thani, Chairman of Air Arabia, said: “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”.
“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."
Last month, the carrier announced that Air Arabia Abu Dhabi has received its Air Operating Certificate (AOC), highlighting its readiness to start operating from Abu Dhabi as market conditions improve and skies are open again.