Dubai - Mubasher: Air Arabia has achieved consolidated net profits of AED 719.92 million in 2021, against net losses of AED 192.18 million a year earlier.

The company generated revenues of AED 3.17 billion last year, an increase of 71% from AED 1.85 billion in 2020, according to a bourse disclosure.

The basic and diluted earnings per share (EPS) stood at AED 0.15 in the twelve-month period that ended on 31 December 2021, against a loss per share of AED 0.04 in the same period of 2020.

During the fourth quarter (Q4) of 2021, the company's net profits soared to AED 467 million from AED 20 million in Q4-20.

Revenues reached AED 1.3 billion in Q4-21, an increase of 143% compared to Q4-20.

Air Arabia’s board recommended a dividend distribution of 8.5 fils per share, representing 8.5% of the capital. 

Chairman of Air Arabia, Sheikh Abdullah bin Mohamed Al Thani, said: "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."

 Al Thani added: "the year 2021 continued to be challenging for the aviation industry worldwide because of the lasting impact of the corvid-19 pandemic and the restrictions it imposed on air travel. Despite that, we are proud that Air Arabia managed to deliver such a performance signalling a steady recovery for the industry."

During the January-September 2021 period, the airlines firm generated consolidated net profits worth AED 253.12 million, versus net losses of AED 212.63 million in the first nine months (9M) of 2020.