“Air Arabia”: 169 million dirhams, net losses during the first half – local economy

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“Air Arabia” announced that it recorded a net loss of 169 million dirhams during the first half ending on 30 June 2020, which came as a direct result of the performance of the second quarter, which was severely affected by the repercussions of the “Covid-19” epidemic, and the suspension of regular flights operations.

The company stated in a statement yesterday, that its revenues reached 1.021 billion dirhams during the first six months of 2020, a decrease of 53% compared to 2.173 billion dirhams during the same period last year.

“Air Arabia” added that it provided its services to about 2.48 million passengers from its four centers of operations during the first half of this year, a decrease of 57% compared to the number of passengers in the first half of 2019.

The company attributed the decline in the results of the first half to the performance of the second quarter of this year, during which air traffic was greatly affected as a result of the “Covid-19” epidemic, as the repercussions of this situation led to a decrease in the company’s revenues in the second quarter to reach 120 million dirhams. Thus, the impact on the profitability of the second quarter, which recorded a net loss of 239 million dirhams.

“Air Arabia” affirmed that it hastened to take the necessary measures to reduce overall costs and enhance liquidity, despite these challenges, through a series of measures that included postponing costs and capital expenditures, restructuring jobs and human cadres, in addition to rationalization and cost efficiency, all of which contributed to In reducing overall costs and maintaining liquidity.

Sharjah – Emirates today

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