Air Arabia, the Sharjah-based low cost carrier, has been ranked number three on Airfinance journal’s list of top 50 global airlines.

The list includes an evaluation of the performance of 137 airlines, based on a set of "operational and financial parameters, including Total Revenue, Net Income, Passenger Yield, Liquidity, and Leverage," according to an Air Arabia statement on Sunday.

Adel Al Ali, group CEO, Air Arabia, noted, "The report confirms Air Arabia’s solid financial standing and its all-around excellence in maintaining high operational standards." The airline top 50 ranking for 2016 is the fifth annual supplement published by Airfinance Journal and is backed by data supplied by the Airline Analyst.

Among the parameters evaluated in the report, Air Arabia was ranked 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 and, alternatively, cushion the business against market headwinds.