Good year for Air Arabia and shareholders

Sharjah-based low cost carrier Air Arabia has approved a cash dividend of 10% of the company's share capital at its AGM on yesterday.

Results for its financial year end (Decemeber 31 2008) show that the carrier achieved a net profit of Dh510 million. An increase of 35.6% of 2007’s Dh376m.

The carrier also posted a 61% increase in turnover, up to Dh2.066 billion over the previous Dh1.283bn.

Air Arabia uses Airbus A320s for its operations