Posted on: 17 February 2014 by Mark Howells
Air Arabia has announced its financial results for the fourth quarter of 2013 and for the last full calendar year, achieving a net profit for each period.
For the full year 2013, the airline had a net profit of AED 435 million, an increase of 2% compared with 2012. Turnover for 2013 was AED 3.2 billion, up 14% over 2012’s figure.
More than 6.1 million passengers flew with Air Arabia in 2013, a 15% increase compared with the 5.3 million passenger carried in 2012. The load factor for 2013 was 80%.
Net profit for 4Q13 was AED 94 million, up 12% compared with AED 84 million reported in 4Q12. The airline’s turnover for 4Q13 was AED 811 million, up 8% compared with AED 753 million in 4Q12. The airline carried over 1.5 million passengers during the fourth quarter of 2013, an increase of 15% compared with 4Q12.
Commenting on the results, Sheikh Abdullah Bin Mohammad Al Thani, chairman of Air Arabia, said, “Air Arabia has enjoyed consistent and sustained growth since launching operations back in October 2003, and our performance in the year of our tenth anniversary was no exception. The network expansion strategy which has guided the airline for a decade continued to reap rewards in 2013, helping us to once again deliver a strong set of results.
“We are extremely confident about the long-term fundamentals of the aviation sector in the region and believe we have the right business model, operating base and infrastructure in place to cement our position as the region’s leading low-cost carrier operator,” added Al Thani. “We will continue to explore opportunities and enter into new ventures that will best serve the airline’s ambitious growth plans and at the same time provide highest returns to our shareholders.”