Air Arabia to expand global network in 2021 after 90% fall in Q4 2020 net profit

Air Arabia to expand global network in 2021 after 90% fall in Q4 2020 net profit

Air Arabia is looking to continue expanding its network this year despite the challenges posed by the coronavirus pandemic, the company's chairman, Sheikh Abdullah Bin Mohamed Al Thani, said. The airline's net profit for the fourth quarter of 2020 plunged 90 percent to 20 million dirhams ($5. 4 million) compared to a year earlier, while turnover sank 53 percent to 536 million dirhams. In a statement to the Dubai Financial Market (DFM) on Thursday, the airline said it managed to register a profitable fourth quarter and limited its net loss for the full year 2020 to 192 million dirhams, despite the downturn in the global air travel industry. "While the year 2021 continues to be a challenging one for the industry, we remain confident about the fundamentals of the aviation sector and the vital role air travel will continue to play in economic recovery," said Sheikh Abdullah Bin Mohamed Al Thani, chairman of Air Arabia. "We remain focused on adopting further measures to help improve the overall cost structure of the group and will continue to gradually resume operations where possible" he added. The aviation industry has been among the worst hit by the coronavirus pandemic, with airlines losing billions