March 22 (Bloomberg) -- Waha Capital PJSC surged the most in 20 months after the Abu Dhabi-based investment and leasing company said its board recommended the highest cash dividend since at least 2004.
The shares jumped 7.5 percent, the most since July 2010, to 72 fils at the 2 p.m. close in Abu Dhabi. The emirate’s benchmark ADX General Index fell 1 percent. The board recommended a dividend of 5 fils a share, Waha Capital said in a statement today. That’s the highest cash dividend since Bloomberg started tracking the information in 2004. There are 100 fils to the dirham.
Waha “surged on the back of a dividend announcement this morning,” said Omar Darwish, an equity sales trader at Cairo-based Commercial International Brokerage Co. “It seems like it came higher than expectations.”
Waha said last month 2011 profit tumbled 38 percent after operating income dropped. Net income fell to 155.3 million dirhams ($42 million) from 249 million dirhams a year earlier, Waha Capital said Feb. 1. Operating income declined to 406.4 million dirhams from 657.5 million dirhams.
To contact the reporter on this story: Alaa Shahine in Dubai at firstname.lastname@example.org
To contact the editor responsible for this story: Claudia Maedler at email@example.com