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Air Arabia 2014 net profit up 30%

Sharjah-headquartered Air Arabia (AIRARABI:DFM), the largest low-cost carrier operator in the Middle East and North Africa, has announced a net profit of AED 566 million (US$ 154m) for 2014, up 30 percent on its net profit for 2013. The airline’s turnover for 2014 increased by 17 percent to AED 3.7 billion (US$ 1b), driven by growth in passenger numbers.

Air Arabia carried over 6.8 million passengers in 2014, 12 per cent more than 2013 with an average seat load factor of 81 per cent. However, Air Arabia’s net profit for the fourth quarter dropped 28 percent compared to the same period last year, despite an 8 percent increase in passenger traffic. The airline attributed the fourth quarter drop to a temporary downward correction in the fuel hedge portfolio.

Air Arabia began operations in Sharjah in 2003 and has played a key role in boosting air traffic at Sharjah International Airport, which served 9.5 million passengers last year and plans to handle 25 million passengers per annum by the year 2025. The airline now operates from five international hubs, Sharjah and Ras al-Khaimah in the UAE, Casablanca in Morocco, Cairo in Egypt and Amman, Jordan. Last week, Air Arabia’s inaugural flight landed at its 101st global destination, the city of Urumqi, in western China.

Air Arabia was voted the Middle East’s Leading Low-Cost Airline 2014 at the World Travel Awards and was awarded the Airline Business Award at the Airline Strategy Awards 2014. Air Arabia was also named among the World Economic Forum’s Global Growth Companies for its innovation and market leadership in the aviation sector.

The carrier is the UAE’s only listed airline and is listed on the Dubai Financial Market under the symbol AIRARABI.

Source: Air Arabia

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