Air Arabia 2022 profit rises 70%

TDT | Sharjah, UAE                     

The Daily Tribune – www.newsofbahrain.com   

Air Arabia yesterday announced full year 2022 results, almost doubling the profit and passengers’ numbers of the previous year, which the company said “is considered the best in the company’s operating history.”

Based on which, the airline’s board also proposed a dividend of 15% of share capital, which is equivalent to 15 fils per share.

Full year net profit was AED1.2 billion ($327m), up 70% from AED 720 m in 2021.

Turnover reached AED 5.2 billion, an increase of 65% from AED 3.2 bn in 2021, backed by growth in passenger numbers that exceeded pre-pandemic levels.

In 2022, the airline carried more than 12.8 m passengers from its seven hubs, up 90% from 6.8 m passengers in 2021.

The average seat load factor – or passengers carried as a percentage of available seats – for the full year stood at a high 80%.

Q4 results In the fourth quarter, net profit was AED 356 m, down 24% from AED 467 m in the same quarter last year.

The turnover for the quarter reached AED 1.4 bn, a 7% increase from the same quarter last year.

The airline carried more than 3.6 m passengers in the quarter, an increase of 44% from 2.5 m passengers in the same period last year.

The average seat load factor stood at 79%. Sheikh Abdullah Bin Mohammad Al Thani, Chairman of Air Arabia, said: “Air Arabia Group maintained its robust growth in 2022 by increasing its fleet size and adding new routes across its global network while launching the operations of its latest joint venture airlines in Armenia and Pakistan.”

Al Thani added: “The solid fourth quarter and full year results were supported by the carrier’s cost control measures, strong yield margins and higher demand for its value-driven product.”

Al Thani concluded: “While airlines continue navigating various challenges this year, we are confident of the fundamentals of the aviation sector and the underlying demand for affordable air travel.”