Travel, Tourism & Hospitality
Air Arabia to distribute 25pc cash dividends for FY 2024
Sharjah-based lowcost carrier Air Arabia said its board has won approval from the shareholders for distribution of 25% cash dividends for FY 2024. The airline had recorded a net profit before tax of AED1.6 billion ($436 million) for the 12-month period.
Sharjah-based lowcost carrier Air Arabia said its board of directors have secured approval from the shareholders for distribution of 25% cash dividends for the financial year ending December 31, 2024 at the company’s Annual General Meeting (AGM).
The dividend, which is equivalent to 25 fils per share, marks another year of strong financial performance for the award-winning airline.
The Board of Directors’ recommendation follows the airline’s robust financial performance in the year ending December 31, 2024, where Air Arabia reported a record net profit before tax of AED1.6 billion ($436 million), marking a 4% increase compared to 2023.
During the AGM, the report of Air Arabia’s auditors, balance sheet, as well as profit and loss accounts were approved by the assembly for the year ending December 31, 2024, said the airline in a statement.
Furthermore, the Board of Directors and auditors of the company were discharged from liability for the financial year ending December 31, 2024, while auditors for the next fiscal year were appointed and their remuneration fixed.
Chairman Sheikh Abdullah Bin Mohammed Al Thani said despite geopolitical tensions and economic challenges, Air Arabia Group had sustained exponential growth in 2024, driven by increased operating capacity, new route launches, and continued network expansion.
"This exceptional year underscores our commitment to delivering a value-driven travel experience, strengthening our global footprint, and maintaining operational excellence," he noted.
"Our financial and operational performance reaffirms the strength of our business model, strategic vision, and the dedication of our team," he added.
In 2024, Air Arabia added 31 new routes to its global network from its six operating hubs in the UAE, Morocco, Egypt, and Pakistan.
The carrier took delivery of 10 new aircraft and ended the year with a fleet of 81 Airbus A320 and A321 aircraft operating to over 220 routes across the Middle East, Africa, Asia, and Europe.-TradeArabia News Service