RIYADH: Air Arabia, an Emirati budget airline, recorded 476 percent increase in net profit to 720 million dirhams ($196 million) for 2021, according to a statement. It said the airline’s profits soared due to ease of travel restrictions following the pandemic. “Air Arabia’s full-year record profitability is a testament to the strength of the business model we operate, the group’s management team, as well as the diversification and growth strategy adopted,” said Sheikh Abdullah bin Mohammad Al Thani, chairman of Air Arabia. In light of this record performance, the airline’s board of directors proposed a dividend distribution of 8.5 percent.