Press releases, Reports & Disclosures for Air Arabia PJSC

On March 15, 2024, Air Arabia held its Annual General Meeting (AGM) as previously announced. The AGM approved the following: the Board of Directors' report on the company's activities; the External Auditors' report; the Balance Sheet and the Profit and Loss Accounts; a 20% Cash Dividend Distribution, equating to 20 Fils per share; board remuneration; absolution of the board members and the External Auditor of responsibility for the year 2023; and the appointment of the external auditor for 2024 along with their fee. The meeting was communicated to Dr. Maryam Al Suwaidi, CEO of ESCA, and Mr. Hamed Ahmed Ali, CEO of DFM, by Abdelrahman Bin Taliah, Director of Corporate & Government Affairs.

Air Arabia Company (Public Joint-Stock Company) is inviting shareholders to its Annual General Assembly Meeting (AGM) to be held both virtually and physically at their head office on Airport Road, next to Sharjah International Airport, at 11:00 am on Friday, 15/03/2024. The agenda includes the approval of the Board of Directors' report on the company's activities and its financial position for the fiscal year ended 31/12/2023, the Auditor’s Report for the same period, and the company's balance sheet and profit & loss account. The board is also proposing a cash dividend distribution of 20% of the share capital, equivalent to 20 fils per share. The meeting will also consider the approval of the directors’ remunerations, discharge the Board of Directors and Auditors from liabilities for the fiscal year ended on 31/12/2023, and appoint external auditors for the fiscal year 2024. Electronic registration, attendance, and voting will be available, with details sent via SMS to shareholders a day prior to the AGM.

Air Arabia reported a record net profit of AED 1.5 billion in 2023, marking a 27% increase from the previous year. The airline's turnover also rose by 14% to AED 6 billion. The number of passengers carried by the airline increased by 31% to 16.7 million. The Board of Directors has proposed a cash dividend distribution of 20 fils per share, which is subject to approval at the Annual General Meeting.

On 13th February 2024, the board of directors of Air Arabia held a meeting, as previously announced. During the meeting, the board approved the audited financial statements for the year 2023 and recommended a cash dividend distribution of 20% of the capital.

Air Arabia has announced a board of directors meeting scheduled for 13th February 2024 at 3:00 pm. The board will discuss the full year financial results for 2023. The message was addressed to Dr. Maryam Al Suwaidi, CEO of the Emirates Securities and Commodities Authority (ESCA), and Mr. Hamed Ahmed Ali, CEO of the Dubai Financial Market (DFM). The disclosure was made by Abdelrahman Bin Taliah, Director of Corporate & Government Affairs at Air Arabia.

Air Arabia has ordered 240 LEAP-1A engines from CFM International, a joint company between Safran Aircraft Engines and GE, to power its existing order of 120 Airbus A320neo family aircraft. The deal, valued at over $3.36 billion, includes a multi-year services agreement and spare engines. The engine order is part of Air Arabia's fleet expansion strategy, which aims to increase operational efficiency, maintain reliability, and contribute to a more sustainable aviation industry. The LEAP engine family is known for its improved fuel consumption and lower CO2 emissions.

Air Arabia has reported a record net profit of AED 1.32 billion for the first nine months of 2023, a 53% increase compared to the same period in the previous year. The company's revenue for the same period also rose by 16%, reaching AED 4.45 billion. The third quarter of 2023 saw a net profit increase of 26%, reaching AED 522 million, and a 21% increase in the number of passengers carried. These results mark an all-time high for the carrier. The company attributes its robust growth to expanding operations, introducing new routes, and increasing passenger numbers, which totalled 12.4 million, a 36% increase from the previous year.