Sharjah-based budget carrier Air Arabia said its board has given approval for the distribution of a cash dividend of 10 per cent of the company’s share capital to the investors.

The board's decision came at the conclusion of the company's annual general meeting (AGM) in Sharjah on Tuesday.

During the AGM, the assembly approved the report of the company’s auditors for the financial year ending December 31, 2017, as well as the balance sheet and profit and loss accounts for the same period.

Air Arabia’s net profit for the 12 months ending December 31, 2017, stood at Dh662 million, an increase of 30 per cent compared to 2016.

Air Arabia added 21 new routes to its global network in 2017 from its five operating hubs in the UAE, Morocco, Egypt and Jordan. The carrier took delivery of four new aircraft and ended the year with a fleet of 50 Airbus A320 aircraft operating to 145 routes across the Middle East, Africa, Asia and Europe.

The Board of Directors and auditors of the company were also discharged from liability for the financial year ending December 31, 2017, while auditors for the next fiscal year were appointed and their remuneration 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 increase of dividends to our shareholders as compared to last year. Air Arabia remains committed to the growth of the aviation sector both regionally and globally and is strongly poised to overcome any future challenges. Consumer trust is key to our growth strategy as we continue to maintain a strong financial performance through the year and beyond.” - TradeArabia News Service