Sharjah-based low cost carrier makes AED20m profit in final quarter of 2020 despite ‘biggest challenge in history’

Sharjah-based Air Arabia, the largest low cost carrier in the Middle East and North Africa, on Wednesday, said it made a net loss of AED192 million ($56.2 million) in 2020 as the global aviation industry continued to struggle with the impact of the coronavirus pandemic.

The airline’s turnover for the full year was AED1.85 billion while it served a total of 4.4 million passengers from all five hubs.

Video: How Middle East luxury travellers are keen to get away in 2021 despite pandemic

New research says 46% of big spending tourists from the region want to travel abroad this year

Air Arabia also reported a net profit of AED20 million for Q4, 90 percent lower than Q4 2019, as the airline posted a turnover of AED536 million, 53 percent below the coresponding period in 2019.

The carrier said early measures taken to control overall cost while ensuring business continuity enabled it to register a profitable fourth quarter despite the Covid-19 pandemic.

Sheikh Abdullah Bin Mohamed Al Thani, chairman of Air Arabia, said: “Air Arabia’s ability to record a profitable fourth quarter despite the continued impact of the Covid-19 pandemic, is a testament to the robust business model it operates. 

Source: Read Full Article