Air Arabia, the UAE's only listed airline, has reported a 37 per cent annual drop in fourth-quarter net profit despite an 11 per cent yearly increase in revenue for the period.
Net profit for the three months to the end of December fell to Dh225 million ($61.25 million) due to a “softening in yield margins and supply chain challenges”, the budget airline said.
The same quarter in the previous year had witnessed “record high yield margins”, the company said.
Revenue for the last three months of 2023 rose by 11 per cent to Dh1.54 billion while passenger seat factor, a metric used to measure the efficiency of an airline in filling seats and generating revenue, remained strong at 81 per cent.
“Despite the softening in yield margins during the last quarter of the year and the ongoing challenges in the industry's supply chain, Air Arabia demonstrated resilience by registering a solid profitability while maintaining an impressive seat load factor and growth in revenue and passenger numbers,” its chairman Sheikh Abdullah Al Thani said.
The global aviation industry has registered a robust comeback since most countries lifted their Covid-19 restrictions and people resumed business and leisure travel.
However, economic uncertainty, high oil prices, elevated inflation and supply chain delays have proved to be a challenge for the industry as airlines step up operations to keep pace with demand.
Net profit for the full year jumped 27 per cent on an annual basis to a record Dh1.5 billion, while revenue rose 14 per cent to Dh6 billion.
The airline carried 16.7 million passengers, up from 12.8 million in 2022.
Air Arabia operates seven hubs in the UAE, Morocco, Egypt, Armenia and Pakistan.
Last year, the budget airline introduced 26 routes to take its global network to 206 destinations, serviced by a fleet of 73 Airbus A320 and A321 aircraft across all hubs.
“This strategic expansion resulted in an increase in operational capacity, which was further complemented by an impressive 31 per cent surge in the number of passengers carried across the group, reaching a remarkable 16.7 million passengers,” the company said.
Mr Al Thani said 2023 had been “a remarkable year” for the airline.
“Air Arabia has successfully maintained its growth momentum from the previous record-breaking year and achieved exceptional financial and operational results,” he said.
“Despite the numerous geopolitical and economic challenges faced by the global aviation industry, the Air Arabia group managed to sustain its strong growth in 2023.
“This was achieved through the increase of operating capacity and the addition of new routes across our global network from all our hubs.”
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The BIO
Favourite piece of music: Verdi’s Requiem. It’s awe-inspiring.
Biggest inspiration: My father, as I grew up in a house where music was constantly played on a wind-up gramophone. I had amazing music teachers in primary and secondary school who inspired me to take my music further. They encouraged me to take up music as a profession and I follow in their footsteps, encouraging others to do the same.
Favourite book: Ian McEwan’s Atonement – the ending alone knocked me for six.
Favourite holiday destination: Italy - music and opera is so much part of the life there. I love it.
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
Naga
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UAE currency: the story behind the money in your pockets
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The lowdown
Badla
Rating: 2.5/5
Produced by: Red Chillies, Azure Entertainment
Director: Sujoy Ghosh
Cast: Amitabh Bachchan, Taapsee Pannu, Amrita Singh, Tony Luke
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Killing of Qassem Suleimani
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
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What are the regulations?
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China and the UAE agree comprehensive strategic partnership
China and the UAE forged even closer links between the two countries during the landmark state visit after finalising a ten-point agreement on a range of issues, from international affairs to the economy and trade and renewable energy.
1. Politics: The two countries agreed to support each other on issues of security and to work together on regional and international challenges. The nations also confirmed that the number of high-level state visits between China and the UAE will increase.
2. Economy: The UAE offers its full support to China's Belt and Road Initiative, which will combine a land 'economic belt" and a "maritime silk road" that will link China with the Arabian Gulf as well as Southeast, South and Central China, North Africa and, eventually, Europe.
3. Business and innovation: The two nations are committed to exploring new partnerships in sectors such as Artificial Intelligence, energy, the aviation and transport industries and have vowed to build economic co-operation through the UAE-China Business Committee.
4. Education, science and technology: The Partnership Programme between Arab countries in Science and Technology will encourage young Emirati scientists to conduct research in China, while the nations will work together on the peaceful use of nuclear energy, renewable energy and space projects.
5. Renewable energy and water: The two countries will partner to develop renewable energy schemes and work to reduce climate change. The nations have also reiterated their support for the Abu Dhabi-based International Renewable Energy Agency.
6. Oil and gas: The UAE and China will work in partnership in the crude oil trade and the exploration and development of oil and natural gas resources.
7. Military and law enforcement and security fields: Joint training will take place between the Chinese and UAE armed forces, while the two nations will step up efforts to combat terrorism and organised crime.
8. Culture and humanitarian issues: Joint cultural projects will be developed and partnerships will be cultivated on the preservation of heritage, contemporary art and tourism.
9. Movement between countries: China and the UAE made clear their intent to encourage travel between the countries through a wide-ranging visa waiver agreement.
10. Implementing the strategic partnership: The Intergovernmental Co-operation Committee, established last year, will be used to ensure the objectives of the partnership are implemented.
