Dubai – Mubasher: The interim consolidated financials of Air Arabia showed net profits of AED 44.244 million in the first half (H1) of 2021, against net losses of AED 168.5 million in the year-ago period.
The company's revenues increased to AED 1.067 billion in H1-21 from AED 1.021 billion in the same period of 2020.
The basic and diluted earnings per share (EPS) stood at AED 0.009 in the January-June period of 2021, against losses per share of AED 0.036 in the corresponding period of 2020.
In the second quarter (Q2) of 2021, the company saw net profits of AED 10.4 million, versus net losses of AED 239.096 million during the corresponding quarter of 2020.
The Chairman of Air Arabia, Sheikh Abdullah bin Mohamed Al Thani, said: "Air Arabia’s ability to post a profitable first half 2021, despite the continued impact of the COVID-19 pandemic on the aviation industry worldwide, is a direct result of the cost control measures adopted by the management team and supported by the gradual resumption of operations witnessed in the first half."
It is noteworthy to mention that in the first quarter (Q1) of 2021, the company reported a 52% year-on-year (YoY) drop in net profits to AED 33.844 million, compared to AED 70.585 million.
