Air Arabia reports 70% rise in 2022 net profit

Air Arabia reports 70% rise in 2022 net profit

Low cost carrier Air Arabia reported a net profit of Dhs1.2bn for the full year ending December 31, 2022, underpinned by a growth in passenger numbers that topped pre-pandemic levels. Net profit rose 70 per cent last year, from Dhs720m registered for 2021. The airline’s turnover for the full year reached Dhs5.2bn, 65 per cent higher from Dhs3.2bn registered for the full year 2021. Air Arabia served more than 12.8 million passengers in 2022 from its seven hubs in the UAE, Morocco, Egypt, Armenia, and Pakistan. Passenger figures increased 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, equivalent to 15 fils per share, subject to ratification by the carrier’s shareholders. “Air Arabia’s 2022 record profitability is considered the best in the company’s operating history. Although the year 2022 continued 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