Air Arabia AGM approves 9 percent cash dividend

SHARJAH / WAM

Following the conclusion of its Annual General Meeting (AGM), the Board of Directors of Air Arabia has announced that the assembly has approved the distribution of a 9 percent cash dividend of the company’s share capital for the year 2015.
During the meeting, the General Assembly approved the auditor’s report for the financial year ending on the December 31, 2015 and the general budget and accounts of profits and losses of the company for the same period.
The AGM also ratified agreement on discharging the Board of Directors’ members and the auditors from liability for the financial year ended on December 31, 2015. The assembly appointed auditors for the company for the year 2016 and set their fees. The meeting also saw the approval on an amendment to the founding contract of the company under the Federal Law No. 2 of 2015 concerning commercial companies.
Sheikh Abdullah bin Mohammed Al Thani, Chairman of Board of Directors, said that Air Arabia has achieved another year of growth and significant accomplishments and that the company is pleased that this success reflects on shareholders through the distribution of a dividend of 9 percent on them. Despite the current challenges in the global economy and continued pressure on profit margins in the aviation sector, Air Arabia, through its focus on the promotion of innovation and operational efficiency, has been able to maintain a privileged position allowing it to continue its strong growth in 2016.
In the financial year ended on December 31st, 2015, Air Arabia achieved a net profit of AED531 million, while the company’s revenues reached AED 3.8 billion and the company carried more than 7.6 million passengers over the course of the year, representing a gain of 12 percent compared to the previous year, 2014.
In 2015, Air Arabia added 23 new destinations to its destination network and achieved a significant milestone as the top low cost carrier in the Middle East and North Africa Region.