20 million dirhams net profit of "Air Arabia" during the 3 months
"Air Arabia" today announced its financial and operating results for the fourth quarter of last year, at a time when the global aviation sector continues to face the repercussions of "Covid-19", as the company recorded a net profit of 20 million dirhams during the quarter ending on December 31, 2020. With a decrease of 90% from the same period during the year 2019.
The company's revenues reached 536 million dirhams during the fourth quarter of 2020, a decrease of 53% compared to the same period of the previous year.
Air Arabia provided services to about 1.2 million passengers during the last quarter from its five centers of operations.
The early measures applied by "Air Arabia" to control costs and ensure the continuity of its business contributed to recording net profits during the last quarter, although the company's performance was affected by the epidemic that struck international air travel in mid-February, and its repercussions continue to affect the aviation sector.
During the full fiscal year ending on December 31, 2020, Air Arabia succeeded in reducing the net losses to 192 million dirhams, despite the difficulties that the aviation sector faced as a result of the outbreak of the epidemic during the year.
The carrier recorded revenues of 1.85 billion dirhams during the year 2020, and provided services to a total of 4.4 million passengers from its five operations centers.
The Chairman of the Board of Directors of "Air Arabia", Sheikh Abdullah bin Muhammad Al Thani, said: "The success (of Air Arabia) by recording net profits during the last quarter, despite the repercussions of the continuing epidemic on the sector, confirms the strength of the company's business model.
He added, "There is no doubt that the early measures taken by the management team to control cost, business continuity and gradually resume flights to a limited number of destinations contributed to recording profits during the last quarter as well as limiting the expected net losses for the full fiscal year."
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