Air Arabia delivers record net profit

Air Arabia announced historic financial results for 2022, almost doubling the profit and passenger numbers of the previous year, as the airline continued with its growth plans.

The Sharjah-based carrier reported a net profit of AED 1.2 billion, an increase of 70 per cent year-on-year (YoY), while its turnover in 2022 reached AED 5.2 billion, an increase of 65 per cent YoY.

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.

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

Commenting on the results, Sheikh Abdullah bin Mohammad Al Thani, Chairman of Air Arabia, said, "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 to 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."

Al Thani added that the Group maintained its robust growth in 2022 by increasing its fleet size and adding new routes while launching the operations of its latest joint venture airlines in Armenia and Pakistan.