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Dubai: Air Arabia's shareholders approved the fin-ancial results for the year ending December 31, 2007, at the company's annual general meeting on Monday.
The assembly considered and approved the report of the auditors. It 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 and appointed auditors for the company for the next fiscal year in order to fix their remuneration.
The carrier's net profit during 2007 was Dh376 million, an increase of 272 per cent compared to Dh101 million in 2006.
It posted a turnover of Dh1.283 billion in 2007, up 71.3 per cent compared to Dh749.16 million in 2006.
Extraordinary year
"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. 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," said Shaikh Abdullah Bin Mohammad Al Thani, chairman of Air Arabia.
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