RIYADH: Post-pandemic rebound in travel propelled a 756 percent increase in the net profit of UAE-based Air Arabia during the first quarter of 2022.
The Emirati low-cost carrier’s profit climbed 291 million dirhams ($80 million), compared to 34 million dirhams in the same period a year earlier, according to a statement.
Air Arabia attributed the profit surge to a continuous recovery in demand for air travel due to the ease of restrictions, with over 2.4 million passengers registered between January and March 2022.
First-quarter results were buoyed by “higher customer demand for Air Arabia’s value-driven product as well as rigid cost control measures that the airline took since the start of the pandemic,” Chairman Sheikh Abdullah bin Mohammad Al Thani said.
“We have continued with our network expansion strategy in the first quarter of this year by adding new routes and new frequencies across all operating hubs as well as continuing with preparations for the launch of our new ventures in Armenia and Pakistan,” he added.