Sharjah-based Air Arabia, has reported a net profit of
AED 510 million for the financial year ending December 31, 2008,
compared to a net profit of AED 376 million in 2007, an increase of
The low cost airline posted a turnover
of AED 2.066 billion in 2008, up 61% compared to AED
1.283 billion in 2007. Passenger average load factor –
passengers carried as a proportion of available seats –
stood at 85%.
Overall, a total of 3.6 million passengers chose to fly with Air Arabia in 2008. This is an increase
of 33% compared to 2.7 million passengers in 2007.
fourth quarter of 2008, Air Arabia posted a net profit of AED 136
million, up 45.4% compared to AED 93.49 million during the fourth
quarter of 2007. For the fourth quarter of 2008, the carrier posted a
turnover of AED 571 million, up 53.3% compared to AED 372.37 million in
same period of 2007. During the fourth quarter of 2008, the airline
served 959,067 passengers, an increase of 29% compared to 745,000
passengers during the same period in 2007.
Commenting on the
results, Sheikh Abdullah Bin Mohammad Al Thani, Chairman of Air Arabia,
said, "2008 was a landmark year for Air Arabia, and this is reflected
in our robust financial results. Air Arabia has managed to sustain
growth and announce record profits in 2008; Therefore, the Board of
Directors has proposed distributing a 10% cash dividend to the
company's shareholders, which allows them to share in Air Arabia's
success while maintaining sufficient capital to ensure the
implementation of the carrier's long-term growth strategy."
In 2008, Air Arabia introduced seven
new destinations, and now serves 44 destinations across
the Middle East, North Africa, Indian Subcontinent,
Eastern Europe and Central Asia. The carrier also
announced its new hub in Morocco that is set to
commence operations by the end of first quarter of 2009.
Air Arabia also announced the launch of a 300-room
budget hotel, and introduced new services such as its
early check-in procedure and seat selection.
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