Air Arabia shareholders approve 15% dividend distribution

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Air Arabia (PJSC) (DFM:AIRARABIA) shareholders approved the distribution of 15 percent cash dividend for the financial year ending December 31, 2022 at the company’s Annual General Meeting (AGM). The dividend, which is equivalent to 15 fils per share, reflects another year of record financial performance for the award-winning low-cost carrier.

The Board of Directors’ recommendation follows the airline’s robust financial performance in the year ending December 31, 2022, where Air Arabia reported a record net profit of AED 1.2 billion, an increase of 70 percent compared to 2021.

During the AGM, the report of Air Arabia’s auditors, balance sheet, as well as profit and loss accounts were approved by the assembly for the year ending December 31, 2022.

Furthermore, the Board of Directors and auditors of the company were discharged from liability for the financial year ending December 31, 2022, while auditors for the next fiscal year were appointed and their remuneration fixed. The assembly also elected the board of directors for the next three years.

Sheikh Abdullah Bin Mohammed Al Thani, Chairman of Air Arabia, said: “This year’s outstanding performance is a testament to Air Arabia Group’s employees’ dedication and to our shareholders’ continued trust. The company’s 2022 profitability is considered the best in Air Arabia Group’s operating history and reflects our robust business model and perceptive growth strategy. We are committed to continuing our excellent achievements and to driving operational efficiency across our business.”

In 2022, Air Arabia added 24 new routes to its global network from its operating seven hubs in the UAE, Morocco, Egypt, Armenia, and Pakistan. The carrier took delivery of 10 new aircraft and ended the year with a fleet of 68 Airbus A320 and A321 aircraft operating to over 190 routes across the Middle East, Africa, Asia, and Europe.

Air Arabia Group also signed an agreement with DAL Group to form “Air Arabia Sudan”, a joint venture company that will be based in Khartoum. The Group also launched operations of its latest joint ventures airlines in Armenia and Pakistan, “Fly Arna” and “Fly Jinnah”.