Air Arabia, a leading low-cost carrier, registered a record net profit of Dh471 million ($128.2 million) for the third quarter (Q3) of the year, an increase of 57 per cent compared to the Dh300 million reported for the same period last year.

The company’s turnover for the third quarter of 2019 increased by 12 per cent to Dh1.438 billion ($391 million), compared to Dh1.282 billion during the corresponding period last year, reported Emirates news agency Wam.

The strong third quarter financial results were backed by a solid growth in passenger demand during this period, with Air Arabia serving over 3.4 million passengers from its hubs in the UAE, Morocco and Egypt, an increase of 10 per cent compared to the number of passengers carried during the same quarter last year. The average seat load factor – or passengers carried as a percentage of available seats for the same quarter – stood at 82 per cent.

"Air Arabia’s record performance in the third quarter of this year reflects the strength of the business model we operate, and the added value we bring to our customers every day," said Sheikh Abdullah Bin Mohamed Al Thani, chairman of Air Arabia.

Air Arabia also reported strong results for the first nine months ending September 30, 2019, registering a record net profit of Dh 809 million, a 53 per cent increase compared to Dh 530 million reported during the same period last year. The company’s turnover for the first nine months of 2019 exceeded Dh3.611 billion, an increase of 17 per cent compared to Dh3 billion in the corresponding period last year.

Air Arabia served over 9.2 million passengers from all its four hubs in the first nine months of 2019, an increase of 11 per cent compared to the same period of 2018. The average seat load factor for the same period stood at 83 per cent.