ARAB NEWSAir Arabia, claimed to be the Middle East and North Africa's first and largest low-cost carrier (LCC), Monday announced its financial results for the fourth quarter (Q4) ended Dec. 31, 2013, as the company once again delivered high levels of profitability and growth across the breadth of its operations.
Air Arabia's net profit for fourth quarter ending Dec. 31, 2013, stood at AED94 million, up 12 percent compared to AED84 million reported in 2012. The airline's turnover for the last quarter 2013 was AED811 million, an increase of 8 percent compared to AED753 million reported for the same period in 2012. The airline carried over 1.5 million passengers in Q4, an increase of 15 percent compared to the same period last year.
Commenting on the results, 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 10th 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." For the full year 2013, the airline reported a net profit of AED435 million, an increase of 2 percent compared to the same period of 2012. Turnover for the full year ending Dec. 31, 2013, stood at AED3.2 billion, up 14 percent compared to the same period in 2012.
More than 6.1 million passengers flew with Air Arabia in 2013, a 15 percent increase compared to 5.3 million passenger carried in 2012.
These results were announced following a meeting of the board of directors of Air Arabia Monday, which has proposed a dividend distribution of 7.25 percent of capital, which is equivalent to 7.25 fils per share.