Air Arabia Reports $5.4 Million Profit in Q4 2020

SourceAl Bawaba
SectorTransport
CountryUAE

Air Arabia, the first and largest low cost carrier (LCC) in the Middle East and North Africa, reported a net profit of AED20 million ($5. 4 million) for the fourth quarter ending December 31, 2020 - 90 per cent less than in the fourth quarter of 2019. During October to December 2020, the airline posted a turnover of AED536 million ($145. 9 million), 53 per cent less than the corresponding period in 2019, while serving more than 1.

2 million passengers across the carrier's five hubs. The early measures taken by the airline to control overall cost while ensuring business continuity enabled Air Arabia to register a profitable fourth quarter despite all-round industry performance impacted by the Covid-19 pandemic, which impacted global air travel in mid-February and continues to challenge the aviation industry. For the full year ending December 31, 2020, Air Arabia limited net loss to AED192 million ($52. 2 million), despite the pandemic's adverse effect on aviation and travel operations during the year. The company's turnover for the full year 2020 was AED1. 85 billion ($503. 5 million), and a total of 4. 4 million passengers were served from all five hubs. Sheikh Abdullah Bin Mohamed Al Thani, ...read more...