x Abu Dhabi, UAETuesday 25 July 2017

Air Arabia approves Dh338 million dividend payout

UAE companies have been rewarding shareholders with dividends after delivering strong earnings growth and amid a positive outlook across sectors from transport to property.

The budget carrier Air Arabia has approved a Dh338.3 million dividend payout to shareholders.

In a statement to the stock exchange, the carrier said that it would distribute a 7.25 per cent cash dividend or 7.25 fils per share.

Air Arabia reported in February a net profit of Dh435m for 2013, up 2 per cent compared to a year earlier.

Revenue for the airline was at Dh3.2 billion, an increase of 14 per cent year-on-year.

UAE companies have been rewarding shareholders with dividends after delivering strong earnings growth and amid a positive outlook across sectors from transport to property.

First Gulf Bank, the Abu Dhabi-based lender, said it would distribute a 100 per cent dividend, after its profit gained 15 per cent in 2013.

Dubai Islamic Bank, the country’s biggest Sharia-compliant lender, said that it would pay out a 25 fils per share dividend after its profit soared 42 per cent, the biggest gain of banks that have reported full-year earnings so far.

Air Arabia said earlier that it would operate from Ras Al Khaimah International Airport, after RAK Airways suspended operations late last year. It currently operates in three hubs: Sharjah, Alexandria and Casablanca.

selgazzar@thenational.ae

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