The general assembly of Air Arabia decided to distribute 9% cash dividends of the company’s capital equivalent to 9 fils per share for the year 2019.
According to the Emirates News Agency, the recommendation of the Board of Directors to distribute cash dividends comes after Air Arabia achieved strong financial performance for the fiscal year ending on December 31, 2019, where it recorded a record net profit of one billion dirhams, an increase of 80 percent compared to the profits recorded by the company in the previous year.
During the meeting, the General Assembly approved the auditors' report for the fiscal year ending on December 31, 2019, and approved the general budget and the company's profit and loss accounts for the same period.
The Association approved the discharge of the members of the Board of Directors and the auditors of liability for the financial year ending on December 31, 2019, and appointed the company's auditors for the new fiscal year and determined their fees, and the members of the Board of Directors were elected for the next three years.
Sheikh Abdullah bin Mohammed Al Thani, Chairman of the Board of Directors of Air Arabia said that the year 2019 was exceptional for Air Arabia, as we proudly contributed to the growth of the regional aviation sector and the region’s economy in general, and with our success in achieving excellent profits during the year we decided to distribute cash dividends to our shareholders by 9 percent, emphasizing Our commitment to provide them with long-term value.
He added, in light of the ongoing challenges facing the global economy, we continue to focus on enhancing the operational efficiency of our company and the commitment to open new horizons for the economic flying model in the region.
Air Arabia had added 16 new destinations to its global network in 2019 from its main operations centers in the UAE, Morocco and Egypt, and the company also received 3 new Airbus A321 neo LR planes during the year, bringing its fleet size to 55 aircraft flying to more than 170 global destinations across the Middle East, Africa, Asia and Europe.
