Air Arabia swings to profit in 2021 as travel demand recovers and restrictions ease
Middle East budget airline Air Arabia swung to a full-year profit in 2021 as governments around the world began to ease travel restrictions and passenger demand started to recover.
Net profit reached Dh720 million ($196m) for the year ending December 31, up from a loss of Dh192m in 2020 that was heavily impacted by pandemic-related curbs on air travel, Air Arabia said in a statement on Monday. Revenue increased 71 per cent year-on-year to Dh3.17 billion in 2021 as the airline carried more passengers.
"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," Sheikh Abdullah Bin Mohammad Al Thani, chairman of Air Arabia, said.
"The year 2021 continued to be challenging for the aviation industry worldwide because of the lasting impact of the Covid-19 pandemic and the restrictions it imposed on air travel. Despite that ... Air Arabia managed to deliver such a performance, signalling a steady recovery for the industry."
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