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Mon 14 Mar 2016 01:58 PM

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UAE's Air Arabia approves 9% dividend payment for 2015

Low-cost carrier says dividend 'reflects another year of healthy growth and strong profitability'

UAE's Air Arabia approves 9% dividend payment for 2015

Air Arabia shareholders have approved the distribution of a nine percent cash dividend for the 2015 financial year, the same level as the previous year.

The dividend, which is equivalent to 9 fils per share, reflects another year of healthy growth and strong profitability for the low-cost airline, it said in a statement.

"Following another year of solid growth and achievement, Air Arabia is delighted to return profit to our shareholders in the form of a healthy nine percent cash dividend," said Sheikh Abdullah Bin Mohammad Al Thani, chairman of Air Arabia.

"Despite ongoing concerns in the global economy and continued pressure on yields in the aviation industry, with innovation and operational efficiency at the heart of our business, Air Arabia remains well positioned for growth in 2016."

For the full year, Air Arabia said it reported a net profit of AED531 million while turnover reached AED3.8 billion in 2015 with passenger numbers increasing by 12 percent to more than 7.6 million.

2015 was a year of significant route expansion with 23 routes added to the Air Arabia network, including its first in China with the launch of services to the city of Urumqi.

The airline also added a fifth international hub with the formation of Air Arabia Jordan and the opening of a fixed-based operation at Amman Queen Alia International Airport.

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