Air Arabia shareholders approve 20% dividend distribution at AGM

Air Arabia shareholders approved the distribution of 20 percent cash dividend for the financial year ending December 31, 2023 at the company’s Annual General Meeting (AGM).

Image: Air Arabia

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 of Directors’ recommendation follows the airline’s financial performance in the year ending December 31, 2023, where Air Arabia reported a record net profit of AED 1.5 billion, an increase of 27 percent compared to 2022.

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, 2023.

Furthermore, the Board of Directors and auditors of the company were discharged from liability for the financial year ending December 31, 2023, while auditors for the next fiscal year were appointed and their remuneration fixed. 

Sheikh Abdullah Bin Mohammed Al Thani, Chairman of Air Arabia, 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.”