Air Arabia Shareholders Approve 25 Percent Cash Dividend Distribution At Annual General Meeting

At the Annual General Meeting, Air Arabia shareholders approved a 25 percent cash dividend for the fiscal year ending December 31, 2024. This dividend equates to 25 fils per share and reflects another successful financial year for the low-cost airline. The Board of Directors recommended this dividend following Air Arabia's impressive financial results.

The airline reported a record net profit before tax of AED1.6 billion for the year ending December 31, 2024. This represents a 4 percent increase compared to the previous year. During the AGM, shareholders also approved the auditors' report, balance sheet, and profit and loss accounts for the same period.

Sheikh Abdullah Bin Mohammed Al Thani, Chairman of Air Arabia, highlighted the company's growth despite geopolitical and economic challenges. He stated, "Despite geopolitical tensions and economic challenges, Air Arabia Group sustained exponential growth in 2024, driven by increased operating capacity, new route launches, and continued network expansion."

The Board of Directors and auditors were discharged from liability for the financial year ending December 31, 2024. Additionally, auditors for the next fiscal year were appointed with their remuneration set during the meeting.

In 2024, Air Arabia expanded its global network by adding 31 new routes from its hubs in the UAE, Morocco, Egypt, and Pakistan. The airline also took delivery of 10 new aircraft during this period. By year's end, Air Arabia operated a fleet of 81 Airbus A320 and A321 aircraft across more than 220 routes in regions including the Middle East, Africa, Asia, and Europe.

The chairman emphasised that these achievements underscore Air Arabia's commitment to providing value-driven travel experiences while expanding its global presence. He noted that their financial success reaffirms their business model's strength and strategic vision.

This exceptional performance highlights Air Arabia's dedication to maintaining operational excellence through strategic growth initiatives. The company's efforts have strengthened its global footprint significantly over the past year.

With inputs from WAM