Sharjah-based lowcost carrier Air Arabia has declared that it has won approval from the shareholders for the distribution of 20% cash dividends for the FY 2023.

 

Announcing this at the company’s Annual General Meeting (AGM), Air Arabia said the dividend, which is equivalent to 20 fils per share, underscores another year of record financial performance for the award-winning low-cost carrier.

 

The board’s recommendation comes following Air Arabia’s robust financial performance in FY2023, where  it reported a record net profit of AED1.5 billion, up 27% over the previous year.

 

At the AGM, the report of Air Arabia’s auditors, balance sheet, as well as profit and loss accounts were approved by the assembly for FY2023.

 

On the robust performance, Chairman Sheikh Abdullah Bin Mohammed Al Thani said: "Amidst the challenges of the global aviation landscape, Air Arabia's resilience and strategic foresight have propelled us to yet another year of remarkable performance during 2023."

 

"The notable achievements in terms of expansion, revenue, and profitability underscore the strength of Air Arabia's business model, adept management team, and successful growth strategy. Our dedication to innovation, efficiency, and customer-centricity remains unwavering, driving sustainable growth and shareholder value," he noted.

 

In 2023, Air Arabia added 26 new routes to its global network. It took delivery of 10 new aircraft and ended the year with a fleet of 73 Airbus A320 and A321 aircraft operating across over 206 routes across the Middle East, Africa, Asia, and Europe.-TradeArabia News Service