Air Arabia Announces 20% Cash Dividend Following Record Financial Performance in 2023

Air Arabia, the pioneering low-cost carrier, has declared a 20 percent cash dividend to its shareholders for the financial year ending December 31, 2023, as approved during its Annual General Meeting (AGM). This significant dividend payout, amounting to 20 fils per share, reflects the airline’s exceptional financial achievements and its continued leadership in the budget travel sector.

The decision to distribute a 20 percent cash dividend comes on the heels of Air Arabia’s record-breaking net profit of AED 1.5 billion for the year 2023, marking a substantial 27 percent increase over the previous year. This remarkable financial performance affirms the airline’s robust growth strategy, operational excellence, and the successful execution of its business model.

During the AGM, shareholders ratified the financial statements for 2023, including the auditors’ report, balance sheet, and profit and loss accounts, further solidifying confidence in the carrier’s financial health and strategic direction. The meeting also saw the reappointment of the Board of Directors and auditors for the next fiscal year, alongside the approval of their remuneration, emphasizing the shareholders’ trust in the management’s vision and stewardship.

Sheikh Abdullah Bin Mohammed Al Thani, Chairman of Air Arabia, commented on the achievement, “Amidst the challenges of the global aviation landscape, Air Arabia’s resilience and strategic foresight have propelled us to yet another year of remarkable performance during 2023.” He highlighted the airline’s expansion, revenue growth, and profitability as key indicators of its strong business model and effective management team. Sheikh Abdullah reaffirmed Air Arabia’s commitment to innovation, efficiency, and customer satisfaction, driving sustainable growth and maximizing shareholder value.

This latest dividend payout is a testament to Air Arabia’s financial strength and its ability to deliver substantial returns to its shareholders, even in a challenging global market. It underscores the airline’s resilience, strategic planning, and commitment to maintaining its position as a leader in the low-cost aviation sector while continuing to explore new avenues for growth and expansion.