Air Arabia today announced its financial results for the full year ending December 31st, 2014, reflecting another year of continued growth and high levels of profitability.

The Middle East and North Africa’s first and largest low-cost carrier reported a record net profit of AED566 million, recording a significant 30% jump compared to AED435 million in FY13.

"The airline’s turnover for the full year 2014 reached AED3.7 billion, an increase of 17% on 2013, driven by increased passenger numbers", Air Arabia announced in its statement to the Dubai Financial Market (DFM), adding that it carried more than 6.8 million passengers in 2014, which 12% more than its passenger figures from 2013.

"The average seat load factor ­ or passengers carried as a percentage of available seats ­ for the same period stood at an impressive 81%", the statement added.

Commenting on the results, Air Arabia Chairman, Sheikh Abdullah bin Mohammad Al Thani, said, "Our programme of expansion into new markets combined with improved operational efficiencies has led to another year of sustained growth and profitability for the airline. The strong performance over the year is also testament to our focus on delivering outstanding quality and value to our customers." "The year 2015 continue to witness political uncertainty in some parts of the region and with the current fluctuating fuel prices, the pressure on the global economies is increasing. Despite the regional and global economical and geo-political challenges, we remain highly confident about the long-term prospects for our business", he added, concluding that "We have begun this year with the aim of continuing our strategy to expand into new markets and increase our network coverage, making air travel accessible to millions of customers across the MENA region and beyond." As for its quarterly financials, Air Arabia’s posted a net profit of AED68 million, a 28% drop in Q4-14 against AED94 million in Q4-13.

Air Arabia attributed this quarterly drop to "a temporary downward correction in the fuel hedge portfolio, which will regain its benefits going forward". The airline’s turnover for the last quarter of 2014 was AED924 million compared to AED811 million reported for the same period in 2013, registering a 14% rise. Passenger traffic for the fourth quarter 2014 reached 1.7 million, an eight percent increase over the same quarter of last year.