Dubai – Mubasher: Air Arabia has witnessed net losses attributable to the owners of AED 192.183 million in 2020, versus AED 990.168 million net profits during the previous year.

The company's revenues plunged to AED 1.85 billion in 2020, compared to AED 4.758 billion in 2019, according to the company's consolidated financial results for 2020.

The basic and diluted losses per share settled at AED 0.04 last year, against earnings per share (EPS) of AED 0.21 in 2019.

During the fourth quarter (Q4) of 2020, Air Arabia recorded net profits of AED 20 million, down 90% from the same period of the earlier year.

The Chairman of Air Arabia, Sheikh Abdullah bin Mohamed Al Thani, said: "The early measures taken by the management team to control overall cost and the gradual resumption of flights, albeit a limited number of destinations, has helped to register a profitable fourth quarter while significantly reducing the net loss expected for the full year."

It is noteworthy to mention that during the third quarter (Q3) of 2020, the airline saw AED 44 million net losses, attributed to the continued impact of the coronavirus (COVID-19) pandemic on airline operations.