Air Arabia has announced a record net profit for FY22 of AED 1.2 billion ($326.7 million), an increase of 70% compared to AED 720 million ($196 million) posted in FY21, the airline announced in its historic financial results for the full year ending December 31, 2022.
Air Arabia’s turnover for FY22 reached AED 5.2 billion ($1.4 billion), up 65% compared to AED 3.2 billion ($871 million) registered for FY21, the low-cost carrier (LCC) said in a statement.
The airline, which operates in the Middle East and North Africa, attributes its performance to the growing demand and passenger numbers that exceeded pre-pandemic levels.
“Air Arabia served more than 12.8 million passengers in 2022 from its seven hubs in the UAE, Morocco, Egypt, Armenia, and Pakistan, an increase of 90 per cent compared to 6.8 million passengers carried in 2021,” the airline noted.
Air Arabia record historical full year 2022 net profit of AED 1.2 billion an increase of 70%, and a turnover of AED 5.2 billion on the back of 12.8 million passengers carried across the group. Read more https://t.co/rPRGhYr9QH pic.twitter.com/W0juC4DRGq
— Air Arabia (@airarabiagroup) February 13, 2023
Sheikh Abdullah Bin Mohammad Al Thani, chairman of Air Arabia, stated that the airline’s performance and profitability are the “best in the company’s operating history,” despite challenges in the market.
“Although the year 2022 continued be challenging, the aviation industry has begun returning to normality as airlines and airports worldwide witnessed faster recovery following the drop in demand caused by the pandemic,” Al Thani said.
Air Arabia “robust growth” in 2022
“Air Arabia Group maintained its robust growth in 2022 by increasing its fleet size and adding new routes across its global network while launching the operations of its latest joint venture airlines in Armenia and Pakistan,” Al Thani added.
In 2022, Air Arabia added 24 new routes to its global network in 2022 from its operating hubs in the United Arab Emirates (UAE), Morocco, Egypt, Armenia, and Pakistan, according to the airlines statement.
The airline took delivery of 10 new aircraft and ended the year with a fleet of 68 Airbus A320 and A321 aircraft operating to more than 190 routes across the Middle East, Africa, Asia, and Europe, the statement continued.
New Joint Ventures
In June 2022, Fly Arna, Armenia’s National Airline and joint venture (JV) with government-owned Armenia National Interests Fund (ANIF) and Air Arabia Group, commenced its operations with a fleet of A320s from its base in Yerevan. The JV expanded its network by adding five new routes.
Zvartnots International airport welcomed FlyArna’s first aircraft and launch destinations announced. H.E. Nikol Pashinyan, Prime Minister of Armenia, attended the launch ceremony along with key senior delegates. More information is available on https://t.co/tUVay1M275#FlyArna pic.twitter.com/7ZDISAV9eG
— Fly Arna (@Fly_Arna) June 10, 2022
Fly Jinnah, a LCC based in Pakistan and a JV between the Air Arabia Group and Pakistan’s Lakson Group, also commenced operations in October 2022, and added four domestic destinations to its network.
However, along with DAL Group, Air Arabia Group signed an agreement to form “Air Arabia Sudan”, a joint venture company that will be based in Khartoum. The new airline will follow the same low-cost business model.