Dubai – Mubasher: Air Arabia plunged 6.29% by 12pm UAE time on Wednesday, bringing the transport sector and the Dubai Financial Market (DFM) down by 3.38% and 1.93%, respectively.

The UAE carrier’s stock fell to AED 1.49 per share after 11.18 million shares changed hands at a turnover of AED 16.5 million, coinciding with the stock’s record date for dividends.

Air Arabia’s ordinary general meeting (OGM) recently approved a 9% cash dividend to shareholders, amounting to 9 fils per share for the fiscal year 2014, at a total value of AED 419 million.

The carrier’s capital amounts to AED 4.666 billion divided on 4.666 billion shares at par value of AED 1 per share.

The UAE airline reported a net profit surge by 30% in 2014 to AED 566 million compared to figures from the year before. Revenues grew 17% to AED 3.7 billion in 2014, owing to an increase in the number of passengers.