RIYADH: The UAE’s Air Arabia got back into profit during the third quarter of 2021.
CEO Adel Ali said in an interview with Asharq that the net profit reached AED209 million ($57 million) in the third quarter of 2021, compared to AED44 million of losses in the same period last year.
He added that the company's occupancy rate reached 70 percent, compared to 82 percent in the pre-pandemic period.
Ali attributed the turn to profit due to Emirates' aviation market growth, with the Expo 2020 exhibition having a partial role in this.
“In addition to the return of regional markets to activity, improvement in prices, and the company's hedging in terms of high oil prices and its development of a new strategy to reduce expenses, that contributed in achieving good results during the pandemic," he added.
