Home Business & Finance Air Arabia shareholders approve ten percent cash dividend at Annual General Meeting

Air Arabia shareholders approve ten percent cash dividend at Annual General Meeting

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SHARJAH: Air Arabia (PJSC)(DFM:AIRARABIA) shareholders approved the distribution of ten percent cash dividend for the financial year ending December 31, 2017 at the company’s Annual General Meeting (AGM) in Sharjah yesterday. The dividend, which is equivalent to ten fils per share, mirrors another year of sound financial performance for the award-winning low-cost carrier.

The recommendation of the Board of Directors follows the airline’s strong financial performance in the year ending December 31, 2017, which recorded a net profit of AED662 million, an increase of 30% compared to 2016.

During the AGM, the assembly approved the report of the company’s auditors for the financial year ending December 31, 2017, as well as the balance sheet and profit and loss accounts for the same period.

The Board of Directors and auditors of the company were also discharged from liability for the financial year ending December 31, 2017, while auditors for the next fiscal year were appointed and their remuneration fixed.

Sheikh Abdullah Bin Mohammed Al Thani, Chairman of Air Arabia, said: “We are pleased with the performance of the company in 2017 which is reflected in the increase of dividends to our shareholders as compared to last year. Air Arabia remains committed to the growth of the aviation sector both regionally and globally and is strongly poised to overcome any future challenges. Consumer trust is key to our growth strategy as we continue to maintain a strong financial performance through the year and beyond.”

Air Arabia added 21 new routes to its global network in 2017 from its five operating hubs in the UAE, Morocco, Egypt and Jordan. The carrier took delivery of four new aircraft and ended the year with a fleet of 50 Airbus A320 aircraft operating to 145routes across the Middle East, Africa, Asia and Europe.

Air Arabia continues to be recognised, locally and internationally, for its strong performance and community efforts. In 2017, Air Arabia won ‘Outstanding Performance – Robust Performance and Community Initiatives’ by the Aviation Achievement Awards 2017 at the Aviation Annual Gala Evening 2017.

The carrier’s corporate social responsibility program ‘Charity Cloud’, which aims at providing sustainable education and healthcare initiatives in underprivileged communities across the world, embarked on 10 new projects spread across Kenya, Sri Lanka, Bangladesh, Sudan, Egypt and Jordan. News Desk

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