Air Arabia’s shareholders approve financial year 2018 at Annual General Meeting

SHARJAH, Air Arabia Annual General Meeting concluded today in Sharjah, UAE and the assembly approved the report of the company’s auditors for the financial year ending December 31, 2018, as well as the balance sheet and profit and loss accounts for the same period. The company’s shareholders also approved the Board of Directors proposed impairment in relation to the Group’s financial exposure in private equity firm Abraaj.

The Board of Directors and auditors of the company were also discharged from liability for the financial year ending December 31, 2018, while auditors for the next fiscal year were appointed and remuneration fixed.

The assembly also approved the assignment of a new board member, Matar Al Blooshi, a UAE national with over 22 years’ experience in financial and fund management.

Sheikh Abdullah bin Mohammed Al Thani, Chairman of Air Arabia, said: “We thank our shareholders for attending our AGM and concluding another successful year of Air Arabia’s journey. Air Arabia’s ability to continuously deliver profitable growth is a testament to the strength of the business model that the carrier operates, supported by the long-term fundamentals of the aviation sector in the region and the underlying demand for affordable air travel.”

Air Arabia continues to deliver high levels of profitability and growth across the breadth of its operations. The carrier registered a turnover of AED 4.12 billion in 2018 and added 26 destinations to its network serving served more than 11 million passengers from its 4 hubs in the UAE, Morocco and Egypt while maintaining an average seat factor for the full year 2018 at impressive 80 per cent.

Source: Emirates News Agency