Air Arabia
Air Arabia will soon launch its joint venture in Pakistan. Image Credit: Supplied

Dubai: UAE’s Air Arabia shareholders have approved a dividend payout of 8.5 percent for 2021. It was 9 per cent in 2020. The announcement follows the airline’s strong financial results despite continued uncertainties for the airline industry from the pandemic, byposting a net profit of Dh720 million.

Air Arabia added 44 new routes to its network in 2021 from its five operating hubs in UAE, Morocco and Egypt. The carrier also took delivery of a brand new Airbus A321 neo LR airplane bringing its total fleet size to 58 operating to over 187 routes across the Middle East, Africa, Asia and Europe.

"Despite the challenges of the past two years, we achieve robust results in 2021, a testament to the strong business model we operate,"said Sheikh Abdullah Bin Mohammed Al Thani, Chairman of Air Arabia, in a statement. "As the global economy continues to be impacted by current enduring challenges, we remain focused on driving operational efficiency across our business and committed to unlock further opportunities for the low-cost model in this region."

Air Arabia announced new airline ventures in Pakistan and Armenia in the last few months. Air Arabia Abu Dhabi, a joint venture with Etihad Airways, is already flying between UAE and several destinations in South Asia.

During an industry event recently, the airline's CEO did not rule out the possibility of expanding into newer markets. “We look at any opportunities - being a publicly listed company, that's one of the benefits,” said Adel Al Ali, speaking at the Arab Aviation Summit. “At the moment, there is nothing on the table, but we always have appetite for such things.”