Emirati budget airline Air Arabia recorded a 476 percent increase in net profit in 2021, according to a statement.
The Sharjah-based carrier said its profit stood at AED720 million ($196.05 million) over the previous year.
This was compared to a net loss of AED192 million ($52.28 million) registered for the full year 2020.
Air Arabia said that loss was due to the heavy impact of the Covid-19 pandemic restrictions on air travel.
It said its profits soared due to ease of travel restrictions following the pandemic.
The airline’s turnover for the full year 2021 reached AED3.17 billion ($863.17 million), an increase of 71 percent compared to the AED1.85 billion ($503.74 million) registered for the full year 2020, it said in its statement.
“Air Arabia’s full-year record profitability is a testament to the strength of the business model we operate, the group’s management team, as well as the diversification and growth strategy adopted,” said Sheikh Abdullah bin Mohammad Al Thani, chairman of Air Arabia.
In light of this record performance, the airline’s board of directors proposed a dividend distribution of 8.5 percent.
