Air Arabia, the Sharjah-based low-cost carrier, posted a 5 per cent rise in net profit for the first quarter of 2018, on the back of strong demand and cost reduction.
The carrier said net profit attributable to owners of the company for the first three months of the year rose to Dh101.6 million from the same period a year earlier, according to a regulatory filing with the Dubai Financial Market where the company's shares are traded.
The earnings came in above the average analyst estimate of Dh88.5m, according to Bloomberg data. The carrier's first quarter revenue climbed 8 per cent to 887.3m from the same period a year earlier but was 3.7 per cent below the average Dh911m estimate of analysts polled by Bloomberg.
“The strong passenger demand combined with the solid cost control measures that we took in driving cost margins lower continue to positively impact the financial performance of the carrier,” Sheikh Abdullah Bin Mohamed Al Thani, chairman of Air Arabia said in a statement.
The carrier registered a seat load factor of 80 per cent. Air Arabia carried more than 2 million passengers between January and March, in line with the same period a year earlier.
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Read more:
[ Air Arabia says approves 10% dividend for 2017 ]
[ Sharjah's Air Arabia 2017 profits soar ]
[ Air Arabia second quarter earnings increase 21 per cent ]
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“The strong financial performance for the first quarter is a reflection of the robust business model that we operate and is driven by our clear strategy for growth,” Sheikh Abdulla said.
The carrier expanded its network last year, adding 21 new routes from its operating hubs in the UAE, Morocco, Egypt and Jordan. It added three further routes in the first quarter of this year and announced the planned launch of flights to Grozny in April, Qabala and Izmir and Bodrum in Turkey, staring June 2018.
Last year, Air Arabia took delivery of four new aircraft, ending 2017 with a fleet of 50 Airbus A320 aircraft operating 140 routes across the Middle East, Africa, Asia and Europe.
Ramez Gab Min El Akher
Creator: Ramez Galal
Starring: Ramez Galal
Streaming on: MBC Shahid
Rating: 2.5/5
Illegal shipments intercepted in Gulf region
The Royal Navy raid is the latest in a series of successful interceptions of drugs and arms in the Gulf
May 11: US coastguard recovers $80 million heroin haul from fishing vessel in Gulf of Oman
May 8: US coastguard vessel USCGC Glen Harris seizes heroin and meth worth more than $30 million from a fishing boat
March 2: Anti-tank guided missiles and missile components seized by HMS Lancaster from a small boat travelling from Iran
October 9, 2022: Royal Navy frigate HMS Montrose recovers drugs worth $17.8 million from a dhow in Arabian Sea
September 27, 2022: US Naval Forces Central Command reports a find of 2.4 tonnes of heroin on board fishing boat in Gulf of Oman
MATCH INFO
Uefa Champioons League semi-final, first leg:
Liverpool 5
Salah (35', 45+1'), Mane (56'), Firmino (61', 68')
Roma 2
Dzeko (81'), Perotti (85' pen)
Second leg: May 2, Stadio Olimpico, Rome
MATCH RESULT
Liverpool 4 Brighton and Hove Albion 0
Liverpool: Salah (26'), Lovren (40'), Solanke (53'), Robertson (85')
The biog
Full name: Aisha Abdulqader Saeed
Age: 34
Emirate: Dubai
Favourite quote: "No one has ever become poor by giving"
BELGIUM SQUAD
Goalkeepers: Thibaut Courtois, Simon Mignolet, Koen Casteels
Defenders: Jan Vertonghen, Toby Alderweireld, Leander Dendoncker, Zeno Debast, Arthur Theate, Wout Faes
Midfielders: Hans Vanaken, Axel Witsel, Youri Tielemans, Amadou Onana, Kevin De Bruyne, Yannick Carrasco, Thorgan Hazard, Timothy Castagne, Thomas Meunier
Forwards: Romelu Lukaku, Michy Batshuayi, Loïs Openda, Charles De Ketelaere, Eden Hazard, Jeremy Doku, Dries Mertens, Leandro Trossard
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
Profile of Tamatem
Date started: March 2013
Founder: Hussam Hammo
Based: Amman, Jordan
Employees: 55
Funding: $6m
Funders: Wamda Capital, Modern Electronics (part of Al Falaisah Group) and North Base Media