Home Business & Finance Air Arabia’s shareholders approve financial year 2020 at AGM

Air Arabia’s shareholders approve financial year 2020 at AGM

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The Annual General Meeting (AGM) of Air Arabia PJSC, (DFM:AIRARABIA), the first and largest low-cost carrier (LCC) in the Middle East and North Africa, today endorsed the success of the strategic planning undertaken during 2020 by the company. The early measures taken by the management team helped in controlling cost and preserving liquidity as the global and regional aviation industry continues to deal with the impact of COVID-19 pandemic.

The AGM, held virtually, approved the Board of Director’s Report on the company’s activity and the report of the company’s auditors for the financial year ending December 31, 2020, as well as the balance sheet and profit and loss accounts for the same period. The assembly also approved the Board’s recommendation not to distribute dividends for 2020 or the Board of Director’s remuneration for the year. The Board of Directors and auditors of the company were discharged from liability for the financial year ending December 31, 2020, while the auditors for the 2021 fiscal year were appointed and their remuneration fixed.

Sheikh Abdullah Bin Mohammed Al Thani, Chairman of Air Arabia, said: “We thank our shareholders for attending our virtual AGM and concluding another successful year of Air Arabia’s journey. Air Arabia’s ability to record two profitable quarters during 2020 despite the continued impact of the COVID-19 pandemic, is a testament to the robust business model it operates and the carrier’s management team”.

He added: “While the year 2021 continues to be a challenging one for the industry, we remain confident about the fundamentals of the aviation sector and the vital role air travel will continue to play in economic recovery. At Air Arabia, we remain focused on adopting further measures to help improve the overall cost structure of the group and will continue to gradually resume operations where possible”.

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