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%10 cash dividend approved at Air Arabia Annual General Meeting

2010-03-23

Following the conclusion of its third Annual General Meeting (AGM), which was held today in Sharjah, the Board of Director of Air Arabia announced that the assembly approved the distribution of a cash dividend of 10 per cent of the company’s share capital. During the Annual General Meeting, the assembly approved the report of the company’s auditors for the financial year ending December 31, 2009. 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’s net profit for the 12 months ending December 31, 2009, stood at AED 452 million, sustaining 2008 strong performance of AED 454 million (excluding exceptional items).  For the full-year 2009, the company registered a turnover of AED 2 billion, decline of 4.5 per cent from AED 2.066 billion recorded in 2008.  The airline served 4.1 million passengers in 2009, an increase of 14.2 per cent compared to 3.6 million passengers in 2008. In the 12 months ending December 31, 2009, Air Arabia’s average seat load factor – or passengers carried as a percentage of available seats – stood at an extremely impressive 80 per cent. Finally, the assembly discharged the directors and auditors of the company from liability for the financial year ending December 31, 2009, and appointed auditors for the company for the next fiscal year in order to fix their remuneration.