Air Arabia PJSC (AIRARABI) rallied to a 21- month high on bets the Middle East’s biggest no-frills airline will boost its dividend payment as profit jumps.
The shares advanced 1.8 percent to 79.7 fils, the highest intraday level since March 2011, extending their seven-day gain to 8.4 percent. The stock was the second-most traded by volume on the benchmark DFM General Index (DFMGI), which rose 0.4 percent. The shares trade at a gross dividend yield of 7.6 percent, compared with 3.9 percent for the benchmark measure, data compiled by Bloomberg show.
Air Arabia’s 2012 profit may jump 44 percent to 387 million dirhams ($105 million), according to the average estimate of eight analysts on Bloomberg. The Sharjah-based airline last paid a cash dividend of 0.06 dirham a share for 2011, when profit dropped 12 percent, data compiled by Bloomberg show.
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