Sharjah-based budget carrier Air Arabia has announced plans to distribute 7.25 per cent cash dividends for 2013, equivalent to 7.25 fils per share.

The announcement was made following the conclusion of the airline's annual general meeting (AGM) today.

During the AGM, the assembly approved the report of the company’s auditors for the financial year ending December 31, 2013, 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 December 31, 2013, and appointed auditors for the company for the next fiscal year in order to fix their remuneration.

The company also named new board of directors for the next three years comprising Sheikh Abdullah Bin Mohammad Al Thani, Adel Abdullah Ali, Dr Ghanem Mohammed Al Hajri, Arif Naqvi, Sheikh Mohammed Bin Abdullah Al Thani, Sheikh Khalid Bin Essam Al Qasimi, and Ali Salem Al Medfa.

Commenting on the performance, Sheikh Abdullah Bin Mohammad Al Thani, the chairman of Air Arabia, said: "We are very pleased to be able to share our success in 2013, our tenth year of operations, with our shareholders. Our ability to deliver growth year after year stems from a highly customer-centric business model, exceptionally efficient operating systems, and a truly world class team of aviation professionals."

"Today, the Air Arabia growth story continues unabated as we expand our operations and fleet size, demonstrating our enormous confidence in the long-term fundamentals of the Middle East aviation sector," he added.

Air Arabia, he stated, continues to deliver high levels of profitability and growth across the breadth of its operations.

The carrier added eight destinations to its network in 2013 and served over 6.1 million passengers, a 15 per cent increase on the 5.3 million passengers carried in the preceding year.

The UAE budget carrier’s seat load factor – or passengers carried as a percentage of available seats – for the full year ending December 31, 2013, stood at impressive 80 per cent, remarked Sheikh Abdullah.

Air Arabia had reported a net profit of Dh435 million for 2013 while its turnover increased by 14 per cent year-on-year to reach Dh3.2 billion.-TradeArabia News Service