Air Arabia PJSC shareholders approved the distribution of a 20 percent cash dividend for the financial year ending December 31, 2023 at the company’s annual general meeting. The dividend, equivalent to 20 fils per share, underscores Air Arabia’s resilience and record financial performance. The company’s dividend approval reflects its commitment to delivering value to shareholders amidst a backdrop of record financial performance.
Record financial performance
The board of directors’ recommendation for the dividend distribution follows Air Arabia’s robust financial performance in 2023. The airline reported a record net profit of AED1.5 billion, a notable 27 percent increase compared to the previous year. These achievements affirm the strength of Air Arabia’s business model, adept management team and successful growth strategy. Moreover, during the annual general meeting, shareholders approved the auditors’ report, balance sheet, and profit and loss accounts for FY2023.
For his part, Sheikh Abdullah Bin Mohammed Al Thani, chairman of Air Arabia, expressed pride in the airline’s remarkable performance amidst the challenges the global aviation industry faced. He credited the airline’s resilience and strategic foresight for the remarkable performance during 2023. “Our dedication to innovation, efficiency, and customer-centricity remains unwavering, driving sustainable growth and shareholder value,” he added.
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Expansion and fleet growth
In 2023, Air Arabia expanded its global network by adding 26 new routes from its seven operating hubs across the UAE, Morocco, Egypt, Armenia and Pakistan. The airline also strengthened its fleet, taking delivery of 10 new aircraft. Hence, it ended the year with a fleet of 73 Airbus A320 and A321 aircraft. Operating over 206 routes across the Middle East, Africa, Asia, and Europe, Air Arabia continues to enhance connectivity and accessibility for passengers across diverse markets.
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