Air Arabia’s AGM: Shareholders greenlight 20% cash dividend

Saturday, March 16, 2024

During the Annual General Meeting (AGM) of Air Arabia (PJSC), shareholders sanctioned the distribution of a 20 percent cash dividend for the fiscal year approaching its conclusion, ending on December 31, 2023. This dividend, amounting to 20 fils per share, reflects another year of exceptional financial performance for the renowned low-cost carrier.

The recommendation for this dividend by the Board of Directors is rooted in Air Arabia’s robust financial achievements during the fiscal year ending December 31, 2023. The company recorded a remarkable net profit of AED 1.5 billion, marking a notable 27 percent increase compared to the previous year.

At the AGM, shareholders also approved the report of Air Arabia’s auditors, along with the balance sheet and profit and loss accounts for the fiscal year concluding on December 31, 2023.

Moreover, the assembly discharged the Board of Directors and auditors from liability for the financial year ending December 31, 2023, and appointed auditors for the upcoming fiscal year, setting their remuneration accordingly.

Sheikh Abdullah Bin Mohammed Al Thani, Chairman of Air Arabia, said: “Amidst the challenges of the global aviation landscape, Air Arabia’s resilience and strategic foresight have propelled us to yet another year of remarkable performance during 2023. The notable achievements in terms of expansion, revenue, and profitability underscore the strength of Air Arabia’s business model, adept management team, and successful growth strategy. Our dedication to innovation, efficiency, and customer-centricity remains unwavering, driving sustainable growth and shareholder value.”

In 2023, Air Arabia expanded its global network by introducing 26 new routes, spanning from its seven operational hubs located in the UAE, Morocco, Egypt, Armenia, and Pakistan. The airline also acquired 10 new aircraft during the year, culminating with a fleet of 73 Airbus A320 and A321 aircraft. These aircraft operated on more than 206 routes across the Middle East, Africa, Asia, and Europe by the year’s end.

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