Air Arabia makes another milestone for budget airlines

Tuesday, March 19, 2024

At the Annual General Meeting (AGM), shareholders of Air Arabia endorsed the distribution of a 20 percent cash dividend for the fiscal year concluding on December 31, 2023. This decision to distribute dividends, amounting to 20 fils per share, reflects the carrier’s exceptional financial achievements throughout the year, marking yet another milestone for the celebrated budget airline.

The proposal for dividend distribution came on the heels of Air Arabia’s impressive financial outcomes for the year, with the airline posting a record net profit of AED 1.5 billion, marking a 27 percent increase from the previous year, 2022.

In addition to the dividend approval, the AGM saw the ratification of the airline’s auditor reports, balance sheets, and profit and loss statements for the year ending December 31, 2023. The company’s Board of Directors and auditors were also absolved of liability for the same fiscal year, with new auditors being appointed and their compensation set for the forthcoming financial year.

Sheikh Abdullah Bin Mohammed Al Thani, the Chairman of Air Arabia, commented on the occasion, highlighting the airline’s resilience and strategic acumen in navigating the complexities of the global aviation sector to secure another year of outstanding performance in 2023. He pointed to the airline’s strategic expansions, revenue growth, and profitability as evidence of Air Arabia’s robust business model, effective management, and successful growth strategies. He reaffirmed the airline’s commitment to innovation, efficiency, and prioritizing customer needs, all of which contribute to sustainable growth and increased value for shareholders.

In a year marked by expansion, Air Arabia introduced 26 new routes across its seven hubs located in the UAE, Morocco, Egypt, Armenia, and Pakistan. The airline also expanded its fleet by taking delivery of 10 new aircraft, concluding the year with a total of 73 Airbus A320 and A321 planes. This expanded fleet now serves over 206 routes spanning the Middle East, Africa, Asia, and Europe, demonstrating the carrier’s broad and growing footprint in the global aviation market.

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