Low cost Middle East carrier Air Arabia (PJSC), reported a net profit of AED 1 billion ($273million) for the 2019, an increase of 80 per cent on 2018.
The airline’s turnover for the full year 2019 reached AED 4.75 billion, an increase of 15 per cent compared to the turnover registered in the full year 2018.
The strong financial results were backed by solid growth in passenger demand with Air Arabia serving more than 12 million passengers from its four hubs in the UAE, Morocco and Egypt, an increase of 10 per cent compared to the 11 million passengers carried last year.
Commenting on the results, Sheikh Abdullah Bin Mohammad Al Thani, Chairman of Air Arabia, said: “The year 2019 was a challenging year for the aviation industry worldwide. The global economy endured a slowdown in key international markets while escalating geo-political pressures continued to impact the trading environment. Despite all that…Air Arabia managed to deliver a track record year…and to cross, for the first time, the AED 1 Billion mark in profitability”.
In the fourth quarter ending December 31, 2019, Air Arabia reported a net profit of AED 199 million while the turnover for the last quarter 2019 reached AED 1.14 billion. Air Arabia flew over 2.9 million passengers from its four hubs in the UAE, Morocco and Egypt in the last quarter 2019, an increase of 8 per cent compared to 2.7 million passengers carried in the same quarter last year.
In 2019 Air Arabia received three brand new Airbus A321 neo LR airplanes bringing its total fleet size to 55 aircraft and added 16 new routes across its hubs.