Following the conclusion of its second Annual General Meeting (AGM held here, the Board of Director of Air Arabia announced that the assembly approved the distribution of a cash dividend of 10 percent of the company's share capital. The assembly approved the report of the company's auditors for the financial year ending December 31, 2008. The assembly also approved the balance sheet and profit and loss accounts of the company for the same period. The first and largest low-cost carrier in the Middle East and North Africa, Air Arabia achieved a net profit of AED510 million in 2008, an increase of 35.6 percent compared to AED376 million in 2007. During the same period, the carrier posted a turnover of AED2.066 billion, up 61 percent compared to AED1.283 billion in 2007. Founded just over five years ago, Air Arabia is now firmly established as one of the region's true success stories.
