Sunday 24 June 2018

Air Arabia approves 6pc cash dividend

Sharjah, April 9, 2012

Sharjah-based budget carrier Air Arabia said the company's annual general meeting (AGM) has approved the distribution of 6 per cent cash dividend to the investors.

During the AGM, the assembly also approved the report of the company’s auditors for the financial year ending December 31, 2011, said a statement from the UAE airline.

For the 12 months ending December 31, 2011, Air Arabia reported a net profit of Dh274 million. The assembly also approved the balance sheet and profit and loss accounts of the company for the same period.

Air Arabia, which now operates services to 73 destinations from three regional hubs, reported that its total turnover surged 16 per cent to Dh 2.4 billion compared to the previous year.

In addition, the assembly discharged the directors and auditors of the company from liability for the financial year ending December 31, 2011, and appointed auditors for the company for the next fiscal year in order to fix their remuneration.

Commenting on the results, chairman Sheikh Abdullah Bin Mohammad Al Thani said, "The strong financial results delivered by Air Arabia in 2011 reflect its proven business model and strong management team.”

"Today, we are very pleased to be able to share Air Arabia’s success in 2011 with our shareholders, and look forward to their ongoing support in 2012," remarked Sheikh Abdullah.

"In a rapidly growing industry, Air Arabia sets the standard for low-cost carriers offering value-for-money fares and an ever growing range of destinations."

"Our long-term expansion strategy, customer-centric approach and lean operating model ill form the cornerstone of the next chapter of Air Arabia’s journey," he added.-TradeArabia News Service

Tags: UAE | Airline | Sharjah | Air Arabia | cash | dividend | approve |

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