Air Arabia has approved a 7% cash dividend at its Annual general Meeting (AGM), following a significant increase in its turnover.
For the 12 months ending December 31, 2012, Air Arabia reported a net profit of Dhs425m.
“The strong financial results delivered by Air Arabia in 2012 reflect its proven business model, appealing product and strong management team,” said Sheikh Abdullah Bin Mohammad Al Thani, chairman of Air Arabia.
“Today, we are very pleased to be able to share Air Arabia’s success in 2012 with our shareholders, and look forward to their on-going support in the years to come,” he added.
The assembly also approved the balance sheet and profit and loss accounts of the company for the same period.
Air Arabia, which now operates services to 83 destinations from three regional hubs, also reported a total turnover of AED 2.9bn in 2012, an increase of 21% compared to previous year.
The assembly at the AGM also approved the report of the company’s auditors for the financial year ending 31 December, 2012.
“Air Arabia’s solid performance has set the standard for low-cost carrier’s best practice,” Al Thani added.
Air Arabia took delivery of six new A320 aircraft from Airbus in 2012 as part of an order for 44 aircraft placed in 2007. The carrier is expected take on another six new aircraft in 2013.
