Air Arabia reported a net profit of USD 21.4 million for the three months ending December 31, 2011, an increase of 7% compared to USD 20 million in the fourth quarter of 2010.
The company’s turnover for the fourth quarter 2011 reached USD 173.7 million, an increase of 17% compared to USD 148.32 million in 2010. Air Arabia carried 1,180,402 passengers in the final three months of last year, up 2% compared to the same period in 2010.
These results were announced following a meeting of the Board of Directors of Air Arabia, who have proposed a dividend distribution of 4.5% of capital which is equivalent to USD 0.12 per share. This proposal is subject to ratification by the shareholders of Air Arabia at the company’s upcoming Annual General Meeting.
Air Arabia took delivery of six new A320 aircraft from Airbus in 2011 as part of an order for 44 aircraft placed in 2007. Air Arabia is expected to take delivery of another six aircraft in 2012.
Furthermore, Air Arabia announced that it carried some 4.7 million passengers in 2011, a 6% growth compared to the previous year. The airline’s ambitious network expansion strategy was central to the significant growth in passenger numbers witnessed over the past year. In 2011, Air Arabia added six new routes to Moscow and Yekaterinburg in Russia, Kharkiv and Donetsk in Ukraine, and Gassim and Yanbu in KSA. In addition, the airline also launched non-stop services from its Alexandria hub to Milan in Italy, Riyadh and Dammam in KSA.
Source: Air Arabia