Air Arabia reports record profit in 2014

Air Arabia reported (15-Feb-2015) net profit increased 30% year-on-year to AED566 million (USD154.1 million) in 2014. Turnover increased 17% to AED3.7 billion (USD1 billion), driven by a 12% increase in passenger numbers to more than 6.8 million with a load factor of 81%. The carrier's board proposed a dividend distribution of 9% of capital, subject to shareholder approval. The company reported net profit decreased 28% to AED68 million (USD18.5 million) in 4Q2014, mainly due to a temporary downward correction in its fuel hedge portfolio. Turnover for the quarter increased 14% to AED924 million (USD251.5 million) and passenger traffic increased 8% to 1.7 million. [more - original PR]