Air Arabia sees 52% lower profits in Q1

Revenues reteated

  
A worker walks past an Air Arabia Airbus 320 jet atSharjah airport in the United Arab Emirates (UAE). Image used for illustrative purpose.

A worker walks past an Air Arabia Airbus 320 jet atSharjah airport in the United Arab Emirates (UAE). Image used for illustrative purpose.

REUTERS/AhmedJadallahAJ
Dubai – Mubasher: Air Arabia reported a 52% drop in net profits to AED 33.844 million in the first quarter (Q1) of 2021, compared to AED 70.585 million, according to the company's consolidated interim financials for the three-month period ended 31 March 2021.

The company generated revenues of AED 572.145 million in the first three months of 2021, down from AED 901.374 million in the year-ago period.

The earnings per share (EPS) settled at AED 0.007 in Q1-21, compared to AED 0.015 in Q1-20.

Meanwhile, over 1.3 million passengers flew with Air Arabia between January and March 2021 across the carrier’s five hubs.

The Chairman of Air Arabia, Sheikh Abdullah bin Mohamed Al Thani, said: "Although the tightened restrictions on air travel continued in the first quarter of this year, the gradual resumption to selected destinations combined with cost control measures adopted by the carrier helped to deliver profitability during the first quarter of this year."

It is noteworthy to mention that in 2020, the company has witnessed net losses attributable to the owners of AED 192.183 million, versus AED 990.168 million net profits during the previous year.

Source: Mubasher

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