Air Arabia Shareholders Greenlight 20% Dividend Following Stellar FY2023 Results

Air Arabia PJSC, the renowned low-cost carrier, has announced a significant return to its shareholders following a year of exceptional financial performance. At the company's Annual General Meeting (AGM) held recently, shareholders approved a 20 percent cash dividend for the financial year ending 31st December 2023. This decision translates to 20 fils per share, marking another milestone in the airline's journey of financial success.

The dividend approval comes on the heels of Air Arabia's announcement of a record net profit for the fiscal year 2023 (FY2023), amounting to AED1.5 billion. This figure represents a substantial 27 percent increase compared to the previous year, 2022. The AGM also saw the approval of Air Arabia’s auditors' report, balance sheet, and profit and loss accounts for FY2023.

Sheikh Abdullah Bin Mohammed Al Thani, Chairman of Air Arabia, commented on the achievement, "Amidst the challenges of the global aviation landscape, Air Arabia's resilience and strategic foresight have propelled us to yet another year of remarkable performance during 2023." He highlighted the airline's expansion, revenue growth, and profitability as key indicators of its robust business model and adept management team.

In line with its growth strategy, Air Arabia expanded its global network significantly in 2023. The airline added 26 new routes from its seven operating hubs located in the UAE, Morocco, Egypt, Armenia, and Pakistan. Furthermore, Air Arabia bolstered its fleet with the addition of 10 new aircraft, concluding the year with a total of 73 Airbus A320 and A321 aircraft. This expansion has enabled Air Arabia to operate over 206 routes across the Middle East, Africa, Asia, and Europe.

The airline's strategic decisions and operational expansions throughout 2023 have evidently paid off, as reflected in its record-breaking financial performance and subsequent dividend payout. Air Arabia's commitment to innovation, efficiency, and customer-centricity continues to drive its sustainable growth and enhance shareholder value in a competitive global aviation market.

With inputs from WAM