Air Arabia AGM approves 6% dividend

Following the conclusion of Air Arabia’s Annual General Meeting (AGM) today, a distribution of a 6 per cent cash dividend was approved. During the AGM, the assembly approved the report of the company’s auditors for the financial year ending December 31, 2011. 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. The first and largest low-cost carrier in the Middle East and North Africa, Air Arabia, which now operates services to 73 destinations from three regional hubs, reported that its total turnover reached Dh2.4 billion in 2011, an increase of 16 per cent compared to 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. “The strong financial results delivered by Air Arabia in 2011 reflect its proven business model and strong management team,” said Sheikh Abdullah Bin Mohammad Al Thani, Chairman of Air Arabia. “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. “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 will form the cornerstone of the next chapter of Air Arabia’s journey.”    In 2011, the airline launched six new destinations and took delivery of six new aircraft from Airbus. In the same year, the low-cost pioneer carried a total of 4.7 million passengers, an increase of six per cent compared to 2010. The carrier’s operational excellence continued to be recognised in 2011, with Air Arabia winning the Airbus Operational Excellence award for the fifth consecutive year, as well as the “Innovation in Operations” award at the Express Travel World Awards. In the same year, Adel Ali, Chief Executive Officer of Air Arabia Group, was awarded “Business Leader of the Year” at the inaugural Middle East Accountancy and Finance Excellence Awards.