Air Arabia shareholders approved the distribution of nine per cent cash dividend for the financial year ending December 31, 2019 at the company’s Annual General Meeting (AGM) in Sharjah on March 10.

The dividend, which is equivalent to nine fils per share, mirrors another year of record 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, 2019, which posted a record net profit of Dh1 billion ($272.2 million), an increase of 80 per cent compared to 2018.

During the AGM, the assembly approved the report of the company’s auditors for the financial year ending December 31, 2019, 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, 2019, 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: “2019 has been an extraordinary year for Air Arabia and we are proud to have contributed to our region’s rapidly growing economy and aviation sector. Having achieved a millstone net profit during the year, we are distributing nine per cent cash dividend to our shareholders for their trust and confidence in us, and to demonstrate our commitment to creating long-term value for them”.

He added: “As the global economy continues to be impacted by current enduring challenges, we remain focused on driving operational efficiency across our business and committed to unlock further opportunities for the low-cost model in this region." 

Air Arabia added 16 new routes to its global network in 2019 from its four operating hubs in the UAE, Morocco and Egypt. The carrier took delivery of three brand new Airbus A321 neo LR airplanes bringing its total fleet size to 55 operating to over 170 routes 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 2019, Air Arabia won ‘Best Low-Cost Airline’ in Middle East/Africa at the AirlineRatings.com Airline Excellence Awards; and Adel Al Ali, Group chief executive officer, was announced the winner of 2020 Laureate Award from Aviation Week Network for Air Arabia’s ‘Airline Strategy’.

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 nine new projects spread across Kenya, Sri Lanka, Bangladesh and Egypt. - TradeArabia News Service