Air Arabia announces net profit of AED115 million for first half of 2007
Air Arabia, the first and largest low-cost carrier in the Middle East and North Africa, today announced its financial results for the first half of 2007.
The company’s net profit for the six months ending June 30, 2007 stood at AED 115 million, a 342 per cent increase compared to AED 26 million for the first six months of last year.
During the first half of 2007, the company registered a turnover of AED 513 million, up 67 per cent from AED 307 million for the first half of 2006. The airline served 1.23 million passengers during first half 2007, a 57.9 per cent increase compared to the same period last year.
Air Arabia’s net profit increased 66 per cent between the first quarter of 2007 and the second quarter of 2007, from AED 43.3 million in Q1 to AED 71.7 million in Q2. Passenger traffic reached 646,000 during the second quarter of 2007, up 11.5 per cent compared to 580,000 passengers during the first quarter of 2007.
Adel Ali, Chief Executive Officer and Board Member of Air Arabia, said: “We are proud to continue along this upward trend in financial performance. The company has received acceptance and support from the market, and our business has expanded rapidly. We look forward to continued growth and prosperity for the carrier and our investors.”
He added: “We intend to maintain our leadership in the low cost-carrier market by continuing to serve the most routes in the Middle East and North Africa region at affordable fares. The convenience and comfort of our passengers will always be at the centre of our strategy.”
The financial results for the first half of 2007 represent the continuation of a trend of profit and growth for the carrier. In 2006, Air Arabia recorded a net profit of AED 101 million, up 222 per cent compared to AED 31.3 million in 2005.
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