Air Arabia Shareholders Approve ten Percent Cash Dividend at Annual General Meeting
Air Arabia (PJSC) (DFM:AIRARABIA) shareholders approved the distribution of 10 percent cash reward for the financial year ending December 31, 2017 at the company's Annual General Meeting (AGM) in Sharjah today. The dividend, which amounts ten fils per share, mirrors another year of audio economic performance for the award-winning low-priced provider.
The suggestion of the Board of Directors follows the airline company's strong economic efficiency in the year ending December 31, 2017, which tape-recorded a net profit of AED662 million, a boost of 30% compared with 2016.
During the AGM, the setting up authorized the report of the company's auditors for the fiscal year finishing December 31, 2017, along with the balance sheet and revenue and loss accounts for the very same duration.
The Board of Directors and auditors of the company were likewise released from liability for the fiscal year ending December 31, 2017, while auditors for the following were selected and their reimbursement fixed.
Sheikh Abdullah Bin Mohammed Al Thani, Chairman of Air Arabia, said: "We are pleased with the performance of the company in 2017 which is reflected in the rise of returns to our shareholders as compared with last year. Air Arabia stays committed to the growth of the air travel sector both regionally and globally and is strongly positioned to conquer any type of future difficulties. Consumer depend on is key to our growth approach as we remain to preserve a strong financial performance via the year and beyond."
Air Arabia added 21 new routes to its global network in 2017 from its 5 operating hubs in the UAE, Morocco, Egypt and Jordan. The carrier took distribution of 4 new aircraft and ended the year with a fleet of 50 Jet A320 airplane operating to 145 courses across the Middle East, Africa, Asia and Europe.
Air Arabia continues to be identified, locally and internationally, for its strong efficiency and community efforts. In 2017, Air Arabia won 'Outstanding Performance - Robust Performance and Community Campaigns' by the Aviation Achievement Honors 2017 at the Aeronautics Yearly Gala Evening 2017.
The provider's corporate social responsibility program 'Charity Cloud', which focuses on providing lasting education and healthcare efforts in impoverished communities throughout the world, embarked on 10 new tasks spread out across Kenya, Sri Lanka, Bangladesh, Sudan, Egypt and Jordan.
