Sharjah-based low-cost carrier posted a 30 percent growth in profit from 2017
Air Arabia’s board has approved a 10 percent cash disbursement of 10 fils per share after the Sharjah-based pan-Arab airline posted a record year of profits.
The only publicly listed airline in the UAE posted full year 2017 net profit of $180 million (AED 662m), up 30 percent from last year. The year’s figures are the first time since 2014 that the airline has managed to reverse a downward trend in profitability.
The airline witnessed a strong fourth quarter, in which profit surged 177 percent to $7m (AED26m). Turnover in 2017 remained as in previous years, at $1 billion (AED 3.74bn).
In an industry that has proven turbulent for Middle East carriers over the past few years, the results leave the airline “strongly poised to overcome any challenges”, said Sheikh Abdullah bin Mohammed Al Thani, chairman of Air Arabia.For all the latest transport news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.