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|13 March, 2018

Air Arabia shareholders approve 10% cash dividend

Air Arabia added 21 new routes to its global network in 2017

Air Arabia took delivery of 4 new aircraft and ended the year with a fleet of 50 Airbus A320 aircraft operating to 145 routes across the Middle East, Africa, Asia and Europe

Air Arabia took delivery of 4 new aircraft and ended the year with a fleet of 50 Airbus A320 aircraft operating to 145 routes across the Middle East, Africa, Asia and Europe

AIR ARABIA / Handout via Thomson Reuters Zawya

Air Arabia shareholders approved the distribution of 10 per cent cash dividend for the financial year ending December 31, 2017 at the company's annual general meeting (AGM) in Sharjah on Tuesday.

The dividend, which is equivalent to 10 fils per share, mirrors another year of sound financial performance for the award-winning low-cost carrier.

The recommendation of the board of directors follows the airline's strong financial performance in the year ending December 31, 2017, which recorded a net profit of Dh662 million, an increase of 30 per cent compared to 2016.

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During the AGM, the assembly approved the report of the company's auditors for the financial year ending December 31, 2017, as well as the balance sheet and profit and loss accounts for the same period.

The board of directors and auditors of the company were also discharged from liability for the financial year ending December 31, 2017, while auditors for the next fiscal year were appointed and their remuneration fixed.

"Air Arabia remains committed to the growth of the aviation sector both regionally and globally and is strongly poised to overcome any future challenges. Consumer trust is key to our growth strategy as we continue to maintain a strong financial performance through the year and beyond," Sheikh Abdullah bin Mohammed Al Thani, Chairman of Air Arabia, said.

Air Arabia added 21 new routes to its global network in 2017 from its five operating hubs in the UAE, Morocco, Egypt and Jordan. The carrier took delivery of 4 new aircraft and ended the year with a fleet of 50 Airbus A320 aircraft operating to 145 routes across the Middle East, Africa, Asia and Europe. -business@khaleejtimes.com

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