Abu Dhabi – Mubasher: Ubhar Capital has raised the target price of Air Arabia’s stock to AED 1.42 per share from AED 1.37, advising investors to accumulate the UAE-based carrier’s shares.
The UAE-based asset manager and brokerage expected that Air Arabia will achieve a 4% growth in net profit in the full year of 2018, according to a report released on Wednesday.
“Growth in bottom line would largely result because of the addition of new airline fleet in 2018 and 2019 and benefits which will flow because of the launch of two new bases, four new aircraft and 21 new routes during 2017,” the report found.
Air Arabia’s net profit rose 8% year-on-year to AED 110 million in the first three months of 2018.
