Air Arabia confirms cash divi payout

AIR ARABIA: Shareholders vote for cash payout. (Getty Images)

Air Arabia’s shareholders approved a 10 percent cash dividend payout at the company’s AGM on Monday.
They also signed off the firm's audited accounts for the year ending December 31 2008.

Figures show the Sharjah-based low-cost air carrier posting a 35.6 percent increase in full year profits to 510 million dinars – this on the back of a 61 percent surge in turnover to 2.066 billion dinars.

''Founded just over five years ago, Air Arabia is now firmly established as one of the region’s true success stories – and we are very pleased to be able to share that success with our shareholders, while still preserving sufficient capital to ensure the implementation our ambitious long-term growth strategy,'' said Sheikh Abdullah Bin Mohammad Al Thani, Chairman of Air Arabia.

He added that while 2009 will undoubtedly be a year of new challenges for the sector as a whole, Air Arabia will continue to seize every opportunity to ''meet those challenges head on, as we strive to reach even greater heights.''

In 2008, the carrier introduced seven new destinations, and currently serves 44 destinations across the Middle East, North Africa, Indian Subcontinent, Eastern Europe and Central Asia, using a fleet of 16 Airbus A320 aircraft

Next month, the company will introduce service to two new destinations: Athens, Greece, and Goa, India.

Last year, the carrier announced that it would establish operations from a new hub in Morocco, which is set to commence operations shortly.

Air Arabia also announced last year the launch of a 300-room budget hotel, and introduced new services such as early check-in and pre-flight seat selection.

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