Dubai – Mubasher: Air Arabia logged net profits attributable to the shareholders worth AED 1.22 billion in 2022, a leap of 70% from AED 719.92 million in 2021.

Revenues enlarged by 65% year-on-year (YoY) to AED 5.24 billion in the 12-month period that ended on 31 December 2022, versus AED 3.17 billion, according to the financial results.

The total assets amounted to AED 14.43 billion last year, up from AED 13.30 billion in 2021.

Additionally, the basic and diluted earnings per share (EPS) stood at AED 0.26 in the January-December 2022 period, a growth from AED 0.15 a year earlier.

Financial Results for Q4-22

During the fourth quarter (Q4) of 2022, the UAE-based company reported a net profit of AED 356 million, lower by 24% YoY than AED 467 million. The turnover rose by 7% YoY to AED 1.40 billion.

Dividends

The board of Air Arabia recommended cash dividends worth 15 fils per share, representing 15% of the company’s share capital, for 2022.

Meanwhile, the board’s proposal is subject to the approval of the shareholders at the next annual general meeting.

Sheikh Abdullah bin Mohammad Al Thani, Chairman of Air Arabia, commented: “Air Arabia’s 2022 record profitability is considered the best in the company’s operating history.”

Al Thani noted: “Air Arabia group maintained its robust growth in 2022 by increasing its fleet size and adding new routes across its global network while launching the operations of its latest joint venture airlines in Armenia and Pakistan.”

He added: “The solid Q4 and full-year results were supported by the carrier’s cost control measures, strong yield margins, and higher demand for its value-driven product.”

In the first nine months (9M) of 2022, Air Arabia registered AED 866.63 million net profits, an annual hike of 242% from AED 253.12 million.