Sharjah-based budget carrier Air Arabia has announced that it has won approval from the shareholders for 8.5 per cent dividend distribution of share capital for the year ending December 31, 2021. The dividend, which is equivalent to 8.5 fils per share, mirrors yet another year of record financial performance by the award-winning low-cost carrier.
The board of directors recommended the 8.5 per cent dividend distribution at the company’s Annual General Meeting (AGM) in Sharjah yesterday (March 11) following Air Arabia’s strong financial results for FY 2021, posting a net profit of AED720 million, up 475 per cent compared to 2020 despite the pandemic impact.
Speaking at the AGM, Chairman Sheikh Abdullah Bin Mohammed Al Thani, said: “Despite the challenges of the past two years, we achieve robust results in 2021, a testament to the strong business model we operate.”
“As the global economy continues to be impacted by current enduring challenges, we remain focused on driving operational efficiency across our business and committed to unlock further opportunities for the low-cost model in this region,” he stated.
Air Arabia’s key achievements for 2021 included adding 44 new routes to its global network from its five operating hubs in the UAE, Morocco and Egypt.
The low-cost carrier took delivery of one brand new Airbus A321 neo LR airplane bringing its total fleet size to 58 operating to over 187 routes across the Middle East, Africa, Asia and Europe.
Air Arabia Group also announced the signing of an agreement with the Armenian National Interests Fund (ANIF) to launch Armenia’s national airline “Fly Arna”.
Another joint venture was also announced with Lakson Group, one of Pakistan’s leading business conglomerates, to launch “Fly Jinnah” a new low-cost airline based in Pakistan.
Both new joint ventures are managed by Air Arabia Group and will follow the same low-cost business model providing its customer base with a reliable operation and value-driven product.
