Air Arabia turns to profitability in nine months

The company generated revenues of AED 1.872 billion in the January-September period of 2021, up from AED 1.314 billion in the corresponding period of the earlier year.

The basic and diluted earnings per share (EPS) stood at AED 0.05 in the first nine months of 2021, against losses per share of AED 0.05 in the same period of 2020.

During the third quarter (Q3) of 2021, the company recorded net profits of AED 208.877 million, against net losses of AED 44.128 million in the same quarter of the earlier year.

The Chairman of Air Arabia, Sheikh Abdullah Bin Mohamed Al Thani, said: "This performance is supported by the gradual resumption of operations witnessed this year, especially in the third quarter, as well as the cost control measures adopted by the management team since the start of the pandemic."

Meanwhile, Al Thani added: "We are confident that the gradual ease on travel restrictions and resumption of operations will continue to help the industry in its path towards recovery. Aviation is at the center of global mobility and continues to play a key role in the wider economic recovery."

It is noteworthy to mention that during the first half (H1) of 2021, the airline showed net profits of AED 44.244 million, against net losses of AED 168.5 million in the year-ago period.