Posted on: 09 March 2015 by Ross McSweeny
The Board of Directors of Air Arabia has announced that approval has been given at the airline’s Annual General Meeting (AGM) for the distribution of a 9% cash dividend of the company’s share capital for the year 2014, equivalent to 9 fils per share.
During the AGM, the assembly approved the report of the company’s auditors for the financial year ending 31 December 2014, as well as the balance sheet and profit and loss accounts for the same period. The assembly also discharged the directors and auditors of the company from liability for the financial year ending 31 December 2014, and appointed auditors for the company for the next fiscal year in order to fix their remuneration.
Air Arabia announced earlier that its 2014 net profit was AED 566 million, up 30% compared with 2013. Air Arabia’s total turnover for 2014 reached AED 3.7 billion, an increase of 17% on 2013, driven by increased passenger numbers.
“We are very pleased to be able to share Air Arabia’s success with our shareholders by distributing a 9% cash dividend,” commented Sheikh Abdullah Bin Mohammad Al Thani, chairman of Air Arabia. “The year 2014 represented significant milestones for the airline as we expanded our presence to many new destinations and increased the airline’s market share, which has led to a year of record profitability, higher revenues, steady increase in passenger numbers and a higher seat load factor.
“While the global aviation sector continues to confront operating challenges influenced by the surrounding political and economic events, we firmly believe that Air Arabia is uniquely placed to thrive by providing its customers with a growing range of destinations combined with a true value-for-money proposition,” added Al Thani.