Low-cost carrier Air Arabia is set to pay a cash dividend of 8.5 percent for 2021 after swinging to a net profit on improved air travel demand.

The payout of 8.5 fils per share was approved by shareholders during the annual general assembly on Friday morning, Air Arabia said in a statement to the Dubai Financial Market (DFM).

The airline had reported a net profit of 720 million dirhams ($196 million) for the full year ending December 31, 2021, an increase of 475 percent compared to a net loss of 192 million dirhams.

Total turnover for the year reached 3.17 billion dirhams, up by 71 percent from the previous year.

(Writing by Cleofe Maceda; editing by Seban Scaria)
cleofe.maceda@lseg.com