Air Arabia net profit touches Dh1.2 billion in 2022

Sharjah-based carrier Air Arabia reported a net profit of Dh1.2 billion for the full year ending December 31, 2022, an increase of 66.6 per cent compared to Dh720 million in the year-ago period, the airline said on Monday.

The airline’s turnover during the period reached Dh5.2 billion, an increase of 62.5 per cent compared to Dh3.2 billion in 2021.The financial and operational results achieved in 2022 were strongly supported by the growth in passenger numbers that exceeded pre-pandemic levels.

Air Arabia served more than 12.8 million passengers in 2022 from its seven hubs in the UAE, Morocco, Egypt, Armenia, and Pakistan, an increase of 90 per cent compared to 6.8 million passengers carried 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 per cent.

The airline’s Board of Directors proposed a dividend distribution of 15 per cent of share capital, which is equivalent to 15 fils per share.

Sheikh Abdullah bin Mohammad Al Thani, Chairman of Air Arabia, said: “Air Arabia’s 2022 record profitability is considered the best in the company’s operating history. The remarkable operational and financial performance reflect the carrier’s robust business model, its management team, as well as its discerning growth strategy. Although the year 2022 continued be challenging, the aviation industry has begun returning to normality as airlines and airports worldwide witnessed faster recovery following the drop in demand cause by the pandemic”.

Air Arabia added 24 new routes to its global network in 2022 and took delivery of 10 new aircraft and ended the year with a fleet of 68 Airbus A320 and A321 aircraft operating to over 190 routes across the Middle East, Africa, Asia, and Europe.