Air Arabia holds first Annual General Meeting

The financial results for Air Arabia for the year ending December 31, 2007 were approved at the company's Annual General Meeting, which was held on March 31, 2008.

United Arab Emirates: Tuesday, April 01 - 2008 at 07:45
PRESS RELEASE

From the Annual General Meeting held on March 31, 2008.

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During the Annual General Meeting the assembly considered and approved the report of the auditors of the company for the financial year ending December 31, 2007. The assembly also reviewed and approved the balance sheet and profit and loss account of the company for the same period.

The assembly discharged the directors and auditors of the company from liability for the financial year ending December 31, 2007, and appointed auditors for the company for the next fiscal year in order to fix their remuneration.

Sheikh Abdullah Bin Mohammad Al Thani, Chairman of Air Arabia, said:

'This has been an extraordinary year for Air Arabia. We are proud to have contributed to this region's rapidly growing economy and aviation sector. The growth of our company is yet another remarkable example of the prosperity and success the UAE has enjoyed for the past several years. Since our listing on the Dubai Financial Market in July 2007, our share price has increased significantly as the market responds to our success in the aviation field.'

The carrier's net profit during 2007 was Dhs376m, an increase of 272% compared to Dhs101m in 2006. The carrier posted a turnover of Dhs1.283bn in 2007, up 71.3% compared to Dhs749.16m in 2006.

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About Air Arabia: Air Arabia (PJSC), listed on the Dubai Financial Market, is the Middle East and North Africa's leading low-cost carrier (LCC). Air Arabia commenced operations in October 2003 and currently operates a fleet of 13 new Airbus A320 aircraft, serving 39 destinations across the Middle East, North Africa, Indian Subcontinent and Central Asia through its main hub in Sharjah, United Arab Emirates.

Air Arabia is modeled after leading American and European low-cost airlines, and its business model is customised to accommodate local preferences. Its main focus is to make air travel more convenient through Internet bookings and offering the lowest fares in the market along with the highest levels of safety and service standards.

For further information, please contact:
Housam Raydan
Public Relations Manager
Air Arabia PJSC
Sharjah, UAE
Tel: 971-6-5088968
Fax: 971-6-5580031

Nicholas Nesson / Ghaleb Zeidan / Rick Todd
ASDA'A Public Relations
Exclusive Affiliate of Edelman, Middle East & North Africa
Dubai, UAE
Tel: 971-4-3355969
Fax: 971-4-3356080

Posted by Anne-Birte Stensgaard, Senior News Editor
Tuesday, April 01 - 2008 at 07:45 UAE local time (GMT+4)

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