Tourism Breaking News
Air Arabia announced full-year financial results for 2016 as the Middle East and North Africa’s first and largest low-cost carrier continued to deliver healthy growth and strong levels of profitability despite challenging market conditions. Air Arabia’s net profit for the full year ending December 31, 2016 was AED 509 million, a 4 per cent lower than 2015 figure of AED 531 million. Turnover for the full year 2016 was in line with the preceding 12 months reaching AED 3.8 billion. More than 8.4 million passengers flew with Air Arabia in 2016, a 12 per cent year-on-year increase. The average seat load factor – or passengers carried as a percentage of available seats – in 2016 stood at an impressive 79 per cent.
Following its solid full year 2016 performance, Air Arabia’s Board of Directors proposed a dividend distribution of 7 per cent of share capital, which is equivalent to 7 fils per share. This proposal was made following a meeting of the board of directors of Air Arabia and is subject to ratification by Air Arabia’s shareholders at the company’s upcoming Annual General Meeting. Air Arabia added 9 new routes to its global network in 2016 from its five operating hubs in the UAE, Morocco, Egypt and Jordan. The carrier took delivery of 7 new aircraft and ended the year with a fleet of 46 Airbus A320 aircraft operating to 124 routes across the Middle East, Africa, Asia and Europe.
