Air Arabia, the first and largest economic airline in the Middle East and North Africa region, announced yesterday, Sunday, its financial statements for the past year, which came to reflect what the company achieved from Record rates of profits and continued growth.

According to a company statement seen by (Namazon site), Air Arabia recorded a record net profit of 1 billion UAE dirhams in 2019, an increase of 80% compared to 2018 (in isolation). On the accounting procedure for provisions taken by Air Arabia in 2018).

The company's revenues during the last fiscal year increased by 15% to reach 4.75 billion dirhams, compared to the revenues recorded during the fiscal year 2018.

The strong financial results in 2019 were driven by the high demand for the company's flights, as Air Arabia provided services to more than 12 million passengers from its four operations centers in the Emirates, Morocco and Egypt , Registering a 10% increase in the number of travelers compared to the number of travelers in 2018 of 11 million.

Seat Occupancy Ratio - The ratio of passengers to the number of seats available - for FY 2019 increased by 2% to 83%.

The Air Arabia Board of Directors recommended the distribution of 9% of the company’s capital as dividends to shareholders, i.e. 9 fils per share. This proposal was submitted after the company's board meeting where this recommendation will be put forward for endorsement by shareholders during the next annual general meeting.

During the last quarter of 2019, Air Arabia recorded a net profit of 199 million dirhams; the company’s revenues at the end of the period amounted to 1.14 billion dirhams.

The company transported more than 2.9 million passengers from its four operations centers in the UAE, Morocco and Egypt during the last quarter of 2019, an increase of 8% compared to the number of passengers that were transported during the period Same as of 2018 and 2.7 million passengers. Occupancy rate for the fourth quarter increased by 2% to 81%.

The decrease in fuel cost during the last quarter contributed to the support of the record profit rate achieved by Air Arabia, in addition to the stability of currency movements compared to the fluctuations that we witnessed last year.

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The fourth quarter of 2019 was also supported by increased demand for company flights, a strong improvement in revenue margins in addition to the good use of fleet effectiveness and cost control measures adopted by the management team.

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