Air Arabia full year net profit up 55%

Full-year turnover rises 21% to Dh2.9 billion

Air Arabia’s net profit rose 55 per cent, the airlines said in a statement announcing its financial results for the full year 2012 on Saturday.

For the full year ending December 31, 2012; Air Arabia reported a solid net profit of Dh425 million, beating analysts forecast and registering an increase of 55 per cent compared to Dh274m reported for the same period in 2011.
 
The airline’s turnover for the full year 2012 stood at Dh2.9 billion, an increase of 21 per cent as compared to Dh2.4bn registered in 2011.
 
Air Arabia carried over 5.3 million passengers in 2012, registering a 13 per cent increase compared to 4.7 million passengers in 2011. The carrier’s seat load factor – or passengers carried as a percentage of available seats – stood at impressive 82 per cent for the full year ending December 31, 2012.
 
These results were announced following a meeting of the Board of Directors of Air Arabia, who have proposed a dividend distribution of 7 per cent of capital, which is equivalent to 7 fils per share. This proposal is subject to ratification by the shareholders of Air Arabia at the company’s upcoming Annual General Meeting.
 
Sheikh Abdullah bin Mohammad Al Thani, Chairman of Air Arabia, attributed the strong financial results to airline’s rapid expansion plans in 2012 and the efficiency of its operations.
 
He said: “As these results signify, Air Arabia continued to demonstrate its concerted efforts to enter into new markets and launch new ventures, while enabling more people to fly efficiently and affordably. The year 2012 saw Air Arabia expand its global network by entering new markets, taking more aircraft deliveries as well as offering its customers wider product offerings and services”.
 
On the back of strong passenger numbers, the airline’s fourth quarter net profit stood at Dh83m, an increase of 6 per cent compared to Dh78m in 2011. The fourth quarter turnover reached Dh755m, representing an increase of 18 per cent compared to Dh638m reported for the same period in 2011.
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