Air Arabia soars with record net profit of AED1.5bn in 2023
Shareholders approve 20% dividend at AGM
Shareholders of Air Arabia, the Sharjah-based low-cost carrier, have given their nod to the distribution of a 20% cash dividend for the financial year concluding on December 31, 2023.
The dividend, equivalent to 20 fils per share, was announced at the company’s Annual General Meeting (AGM) and highlighted the low-cost carrier’s exceptional financial performance this year.
The decision, backed by the company’s board of directors, follows Air Arabia’s robust financial showing in the year ending December 31, 2023.
The airline reported a record net profit of AED1.5 billion, marking a 27% surge compared to 2022.
During the AGM, shareholders endorsed the report of Air Arabia’s auditors, along with the balance sheet and profit and loss accounts for the fiscal year ending December 31, 2023.
AGM decisions
Additionally, the assembly discharged the board of directors and auditors from liability for the financial year concluding December 31, 2023. Auditors for the forthcoming fiscal year were appointed, and their remuneration was set.
Sheikh Abdullah Bin Mohammed Al Thani, Chair of Air Arabia, said: “Despite the challenges within the global aviation sector, Air Arabia’s resilience and strategic foresight propelled us to another year of remarkable performance in 2023.”
He highlighted the expansion, revenue, and profitability achievements, underscoring the strength of Air Arabia’s business model, adept management team, and successful growth strategy.
He also reiterated the airline’s commitment to innovation, efficiency, and customer-centricity, driving sustainable growth and shareholder value.
2023 Air Arabia expanded its global network by adding 26 new routes from its seven operational hubs in the UAE, Morocco, Egypt, Armenia, and Pakistan.
The carrier received 10 new aircraft, concluding 2023 with a fleet of 73 Airbus A320 and A321 aircraft, serving over 206 routes across the Middle East, Africa, Asia, and Europe.
Established in 2003, the airline has become a leading carrier in the Middle East region, thanks to its Airbus fleet. With its extensive route network and affordable fares, it caters to budget-conscious travellers.
With a fleet primarily composed of Airbus A320 aircraft, Air Arabia maintains high safety standards and provides reliable service to its passengers. The airline’s commitment to efficiency and customer satisfaction has earned it a strong reputation in the aviation industry, making it a popular choice for travellers seeking economical air travel options.
Credit: The Sharjah-based carrier primarily operates Airbus aircraft. Credit: Air Arabia
