Air Arabia (PJSC), the Middle East and North Africa’s first and largest low-cost carrier, reported a record net profit for the full year ending December 31, 2014 of AED 566 million, up 30 per cent compared to AED 435 million for the same period last year; despite a drop in the fourth quarter.
The airline’s turnover for the full year 2014 reached AED 3.7 billion, an increase of 17 per cent on 2013, driven by increased passenger numbers. Air Arabia carried over 6.8 million passengers in 2014, 12 per cent more than last year. The average seat load factor – or passengers carried as a percentage of available seats – for the same period stood at an impressive 81 per cent.
Air Arabia’s net profit for the fourth quarter, stood at AED 68 million, a drop of 28 per cent compared to AED 94 million for the same period last year. The drop in the fourth quarter 2014 was mainly due to a temporary downward correction in the fuel hedge portfolio, which will regain its benefits going forward. The airline’s turnover for the last quarter of 2014 was AED 924 million, an increase of 14 per cent compared to AED 811 million reported for the same period in 2013. Passenger traffic for the fourth quarter 2014 reached 1.7 million, an increase of 8% compared to the same quarter of last year.
Now in its eleventh year of successful operations, Air Arabia operates flights to 101 destinations.