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Tue 10 Mar 2015 02:33 PM

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UAE's Air Arabia approves cash dividend of 9%

Chairman says airline saw 'significant milestones' during 2014, leading to record profitability

UAE's Air Arabia approves cash dividend of 9%
Air Arabia

The board of directors of Air Arabia have approved the distribution of a 9 percent cash dividend of the company's share capital for the year 2014.

The first and largest low-cost carrier in the Middle East and North Africa, which now operates service to 104 destinations from four hubs, announced earlier that its 2014 net profit reached AED566 million, up 30 percent compared to 2013.

Air Arabia's total turnover for 2014 totalled AED3.7 billion, an increase of 17 percent on 2013, driven by increased passenger numbers.

Air Arabia served 6.8 million passengers in the 12 months ending December 31, 2014, up 12 percent compared to the previous year.

"We are very pleased to be able to share Air Arabia's success with our shareholders by distributing a nine per cent cash dividend," said Sheikh Abdullah Bin Mohammad Al Thani, chairman of Air Arabia.

"The year 2014 represented significant milestones for the airline as we expanded our presence to many new destinations and increased the airline's market share, which has led to a year of record profitability, higher revenues, steady increase in passenger numbers and a higher seat load factor."

He added: "While the global aviation sector continues to confront operating challenges influenced by the surrounding political and economic events, we firmly believe that Air Arabia is uniquely placed to thrive by providing its customers with a growing range of destinations combined witha true value-for-money proposition."

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