Sharjah-headquartered Air Arabia PJSC (AIRARABI:DFM), the largest low-cost carrier operator in the Middle East and North Africa, has been ranked third in UK-based Airfinance Journal’s list of top 50 global airlines. The financial aviation intelligence magazine’s top 50 report evaluated the performance of 137 airlines based on a set of operational and financial parameters, including Total Revenue, Net Income, Passenger Yield, Liquidity, and Leverage.
Air Arabia had a strong start to 2016, reporting a 14 percent increase in passenger numbers during the first six months of 2016, carrying 4.1 million passengers compared with 3.6 million during the same period of 2015. Despite regional economic uncertainties resulting from lower oil prices, the airlines turnover for the first six months of 2016 grew 5.5 percent and its net profit grew by 3.5 percent.
Backed by data from The Airline Analyst Financial Ratings (TAA Financial Ratings), Airfinance Journal’s Top 50 2016 ranked Air Arabia as the world’s second in terms of fixed charge cover and fourth in terms of liquidity. According to the report, Air Arabia’s high liquidity rate of 49.2 percent significantly improves the airline’s ability to divert surplus cash towards supporting business expansion or, alternatively, cushion the business against market headwinds.
Air Arabia has added five new international routes since the beginning of 2016: Amman (AMM) to Riyadh (RUH), Fez (FEZ) to Toulouse (TLS), Marrakesh (RAK) to Pau (PUF), Sharjah (SHJ) to Batumi (BUS), and Sharjah to Sarajevo (SJJ). The airline now operates flights to over 120 destinations in 33 countries across the Middle East, Asia, Africa, Asia, and Europe from its five international hubs in the UAE, Morocco, Egypt and Jordan.
Air Arabia began operations in 2003 and currently operates a total fleet of 43 new Airbus A320 aircraft. The airline was named ‘Best Low-cost Airline serving the Middle East’ at this year’s Business Traveller Middle East Awards.
Source: Air Arabia, Airfinance Journal