SHARJAH, UAE – Air Arabia Monday announced financial results for the year 2022 almost doubling the profit and passenger numbers of the previous year, as the airline continued with its growth plans.
Air Arabia reported a FY’22 net profit of US$326 million (AED 1.2 billion), an increase of 70 percent year-on-year (YoY).
The airline’s FY’22 turnover reached US$1.4 billion (AED 5.2 billion), an increase of 65 percent YoY.
Air Arabia served over 12.8 million passengers in 2022 from its seven hubs in the UAE, Morocco, Egypt, Armenia, and Pakistan, an increase of 90 percent compared to 6.8 million passengers carried in 2021.
The average seat load factor – or passengers carried as a percentage of available seats – for the full year stood at a high 80 percent.
Air Arabia’s Board of Directors proposed a dividend distribution of 15 percent of share capital, which is equivalent to 15 fils per share.
Commenting on the results, Sheikh Abdullah bin Mohammad Al Thani, Chairman of Air Arabia, said, “Air Arabia’s 2022 record profitability is considered the best in the company’s operating history.”
He said, “The remarkable operational and financial performance reflect the carrier’s robust business model, its management team, as well as its discerning growth strategy.”
He added, “Although the year 2022 continued to be challenging, the aviation industry has begun returning to normality as airlines and airports worldwide witnessed faster recovery following the drop in demand cause by the pandemic.”
The Chairman said, “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 said, “We are proud that Air Arabia’s value-driven product and services now reaches a wider and fast-growing customer base spread across key regional markets.”