Air Arabia reports 80% surge in net profit in 2019 | ZAWYA MENA Edition

Air Arabia reports 80% surge in net profit in 2019 | ZAWYA MENA Edition:

Air Arabia on Sunday announced its financial results for the full year ending December 31, 2019, reporting a track record net profit of Dh1 billion, an increase of 80 per cent compared to the net profit registered in 2018.

The figure excludes the impairment accounting treatment that Air Arabia took in 2018. The airline's turnover for the full year 2019 reached Dh4.75 billion, an increase of 15 per cent compared to the turnover registered in the full year 2018. The strong full year financial results were backed by solid growth in passenger demand with Air Arabia serving more than 12 million passengers from its four hubs in the UAE, Morocco, and Egypt, an increase of 10 per cent compared to the 11 million passengers carried last year. The average seat load factor - or passengers carried as a percentage of available seats - for the full year increased two per cent to 83 per cent.

Air Arabia's board of directors proposed a dividend distribution of nine per cent of share capital, which is equivalent to 9 fils per share. This proposal was made following a meeting of the board of directors of Air Arabia and is subject to ratification by Air Arabia's shareholders at the company's upcoming annual general meeting.