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Tue 23 Mar 2010 03:37 AM

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10% cash dividend approved at Air Arabia AGM

Low cost carrier saw a 14.2% increase in passegners in 2009 from 2008.

Following the conclusion of its third Annual General Meeting, the board of directors for Air Arabia announced on Monday that the assembly had approved the distribution of a cash dividend of ten percent of the company’s share capital.

The first and largest low cost carrier in the Middle East and North Africa, Air Arabia’s net profit for the 12 months ending December 31, 2009, stood at $123 million, sustaining 2008’s strong performance of $123.6 million, excluding exceptional items.

For the full year, the company registered a turnover of $544.5 million, a decline from the $562.4 million recorded in 2008.

Sheikh Abdullah bin Mohammed Al Thani, chairman, Air Arabia, said: “Last year represented serious challenges to the global aviation sector and led to the industry’s highest loss ever."

He added: "With pressure on yields increasing significantly due to continuous overcapacity and volatile oil prices associated with the world’s financial crisis, the year 2010 remains uncertain.”

In 2009, the airline served 4.1 million passengers, a 14.2 percent increase, as compared to 2008’s 3.6 million. In that 12 month period, Air Arabia’s average seat load factor – or passengers carried as a percentage of available seats – stood at an impressive 80 percent.

Al Thani said: “In 2010, Air Arabia will continue to focus on efficient low cost operations while utilising its assets as well as providing our customers with the most competitive fares, more destinations and best value for money services.”

Air Arabia currently services 60 destinations across the world from its hubs in Sharjah and Casablanca.

Last year it announced the signing of a joint venture agreement with the Travco Group to launch a new low cost carrier based in Egypt, serving the European, Middle Eastern and African markets.

Operations at the third hub in Egypt are anticipated to begin in the second half of 2010.

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yoosuf mohiyadheen 10 years ago

i was holding air arabia share upto march 15 2010. i knew air arabia already distributed 10 pecent dividened. But i did not recieve anything ,why?

shahid hussain 10 years ago

im holding air arabia shares.but this is the second time im not recieving my dividend cheques on time.one of my friend recieved them before two months please can someone tell me they recieved any cheque on april.