Air Arabia Q4 profit rises 12pc
Dubai, February 17, 2014
Budget carrier Air Arabia reported a 12 per cent rise in fourth-quarter net profit on Monday on the back of increased passenger traffic.
The Sharjah-based carrier made a net profit of Dh94 million ($25.6 million) in the fourth quarter, compared with Dh84 million in the corresponding period of 2012, the company said in an emailed statement.
Three analysts surveyed by Reuters had expected Air Arabia to boost its quarterly profit by 20.5 per cent on average, although their forecasts were based on a slightly different figure that excludes profit taken by minority shareholders in the firm's subsidiaries.
Air Arabia's annual profit rose two per cent to Dh435 million.
The airline carried over 1.5 million passengers in the fourth quarter of 2013, an increase of 15 per cent year-on-year. Full-year traffic rose also 15 per cent to 6.1 million passengers.
Air Arabia said its directors had proposed a 7.25 per cent cash dividend.
Sheikh Abdullah Bin Mohammad Al Thani, chairman, said: “We are extremely confident about the long-term fundamentals of the aviation sector in the region and believe we have the right business model, operating base and infrastructure in place to cement our position as the region’s leading low-cost carrier operator."
"We will continue to explore opportunities and enter into new ventures that will best serve the airline’s ambitious growth plans and at the same time provide highest returns to our shareholders” he added. - Reuters