Investors cheered Air Arabia yesterday after the region's biggest budget airline increased its dividend payout for last year.
The airline, based in Sharjah, will pay a cash dividend of 6 fils per share, after net profit rose to Dh78.7 million, an increase of 7 per cent from the year-earlier period. Air Arabia's board on February 25 proposed a dividend of 4.5 per cent of capital, equivalent to 4.5 fils per share.
"Investors have become much more demanding at the annual general meetings," said Marwan Shurrab, the chief trader at Gulfmena Investments in Dubai."They have been asking for a raise in the dividend of companies, but Air Arabia's endorsement on Monday was unexpected and is benefiting the stock today."
The dividend payment translates into a yield of 8.5 per cent. Air Arabia was up 5 per cent in midday trading, its biggest one-day price increase since March 4, bringing its year-to-date increase to 26 per cent. Air Arabia has historically paid high dividends, including 10 per cent last year.
The stock has been a hedge for investors even in the most trying of economic times.
Air Arabia's shares outperformed property and banking stocks despite being hit hard during the popular uprisings that swept countries in parts of the Middle East and North Africa (Mena).
The airline aims to achieve passenger growth of about 7 or 8 per cent this year, Adel Ali, the chief executive, told The National in January. Air Arabia carried 4.7 million passengers last year, an increase of 6 per cent compared from 2010.
The company aims to expand its network and operations in Europe and the Mena region. Its now operates 73 international routes in the Middle East, Europe, the Indian subcontinent, central Asia and North Africa.
In those regions, Air Arabia has teamed up with local partners such as Regional Air Lines of Morocco, Tantash Group of Jordan and Travco Group of Egypt to expand its network.
halsayegh@thenational.ae
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
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What is type-1 diabetes
Type 1 diabetes is a genetic and unavoidable condition, rather than the lifestyle-related type 2 diabetes.
It occurs mostly in people under 40 and a result of the pancreas failing to produce enough insulin to regulate blood sugars.
Too much or too little blood sugar can result in an attack where sufferers lose consciousness in serious cases.
Being overweight or obese increases the chances of developing the more common type 2 diabetes.
The Sky Is Pink
Director: Shonali Bose
Cast: Priyanka Chopra Jonas, Farhan Akhtar, Zaira Wasim, Rohit Saraf
Three stars
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
