Air Arabia has announced positive financial results for the three months ending 31 March 2009, with a net profit of AED 103 million, an increase of 32% compared to AED 78 million during the same period of 2008.
The carrier posted a turnover of AED 463 million in the 1Q09, up 21% on the AED 383 million for the corresponding period of last year.
Air Arabia served a total of 951,000 passengers in 1Q09, an increase of 26% compared with 757,000 passengers carried in 1Q08. The average 1Q09 load factor was 81%.
“Globally, the aviation industry faced extraordinarily difficult market conditions in the first three months of this year, primarily due to the worldwide financial crisis and its direct impact on the travel habits of both business and leisure passengers,” noted Adel Ali, group chief executive officer of Air Arabia. “While Air Arabia is not insulated from the fallout of the global financial crisis, we are extremely pleased to have been able to continue our own positive momentum in the first quarter of 2009, as today’s announcement demonstrates.
“World economies are changing fast and we recognise the challenges lie ahead for the aviation sector. Through our ongoing organic growth strategy and operational excellence, Air Arabia will remain the market leader across the Middle East, North Africa and beyond,” Ali added.
The company recently launched Air Arabia Maroc, which operates from the carrier’s second hub in Casablanca, Morocco and has begun service to London Stansted. Air Arabia also recently introduced service to two new destinations – Goa, India, and Athens, Greece – increasing the carrier’s network to 46 destinations across the Middle East, North Africa, Europe, South and Central Asia.
The DoD has changed its structures and is been increasing efforts to facilitate access to loans by companies interested in working with artificial intelligence, advanced materials and semiconductors, biotechnology and quantum science.
India has approved millions of dollars in new military purchases, most of which will go to public sector companies.
The main obstacles to overcoming risks in the region are a lack of a strong cybersecurity culture and inadequate funds to invest in this domain given a widespread Chinese presence in the region.
MBDA is adapting to supply chain pressures as the Russian invasion of Ukraine leads to increased demand for armaments.
Despite the additional funding promised this week, the UK armed forces still look set to face cutbacks, and maintaining international commitments to AUKUS and GCAP may limit the options for other programmes.
This week on the Shephard Defence Podcast, senior naval reporter Harry Lye and military training & simulation reporter Norbert Neumann chat with Professor John Louth.
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