Sharjah-based low-cost carrier Air Arabia approved the distribution of a 10 per cent cash dividend to shareholders for the financial year ended December 31 2017, as proposed in the company’s financial results published in February.
The dividend, equivalent to 10 fils per share, reflects a solid financial performance in 2017, the airline said in a statement following its annual general meeting in Sharjah on Tuesday.
“Air Arabia has enjoyed consistent and sustained growth in 2017 driven by its network expansion strategy and cost control measures helping us to once again deliver a strong set of results,” said Sheikh Abdullah Al Thani, chairman of Air Arabia.
The airline, the UAE's only publicly listed carrier, reported a 30 per cent year-on-year rise in net profit for the year to Dh662 million, up from Dh509m for 2016.
Turnover for 2017 was in line with the preceding year, reaching Dh3.74bn.
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The airline expanded its network last year, adding 21 new routes from its operating hubs in the UAE, Morocco, Egypt and Jordan.
The carrier also took delivery of four new aircraft, ending the year with a fleet of 50 Airbus A320 aircraft operating 140 routes across the Middle East, Africa, Asia and Europe.
More than 8.5 million passengers flew with Air Arabia in 2017 and the average seat load factor – or passengers carried as a percentage of available seats – in 2017 stood at 79 per cent.
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 carrier pledged to continue to develop the airline’s operations in 2018, capitalising on growth in the Middle East and North Africa’s low-cost aviation sector.
“Air Arabia remains committed to the growth of the aviation sector both regionally and globally and is strongly poised to overcome any future challenges,” its chairman Sheikh Abdullah said.
“Consumer trust is key to our growth strategy as we continue to maintain a strong financial performance through the year and beyond.”
Punchy appearance
Roars of support buoyed Mr Johnson in an extremely confident and combative appearance
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DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
What is the Supreme Petroleum Council?
The Abu Dhabi Supreme Petroleum Council was established in 1988 and is the highest governing body in Abu Dhabi’s oil and gas industry. The council formulates, oversees and executes the emirate’s petroleum-related policies. It also approves the allocation of capital spending across state-owned Adnoc’s upstream, downstream and midstream operations and functions as the company’s board of directors. The SPC’s mandate is also required for auctioning oil and gas concessions in Abu Dhabi and for awarding blocks to international oil companies. The council is chaired by Sheikh Khalifa, the President and Ruler of Abu Dhabi while Sheikh Mohamed bin Zayed, Abu Dhabi’s Crown Prince and Deputy Supreme Commander of the Armed Forces, is the vice chairman.
UAE currency: the story behind the money in your pockets
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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OIL PLEDGE
At the start of Russia's invasion, IEA member countries held 1.5 billion barrels in public reserves and about 575 million barrels under obligations with industry, according to the agency's website. The two collective actions of the IEA this year of 62.7 million barrels, which was agreed on March 1, and this week's 120 million barrels amount to 9 per cent of total emergency reserves, it added.
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The biog
Alwyn Stephen says much of his success is a result of taking an educated chance on business decisions.
His advice to anyone starting out in business is to have no fear as life is about taking on challenges.
“If you have the ambition and dream of something, follow that dream, be positive, determined and set goals.
"Nothing and no-one can stop you from succeeding with the right work application, and a little bit of luck along the way.”
Mr Stephen sells his luxury fragrances at selected perfumeries around the UAE, including the House of Niche Boutique in Al Seef.
He relaxes by spending time with his family at home, and enjoying his wife’s India cooking.
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The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Ad Astra
Director: James Gray
Stars: Brad Pitt, Tommy Lee Jones
Five out of five stars