(Yicai) March 14 -- Shares in Foxconn Industrial Internet tumbled as much as 9.6 percent today even after the unit of Apple supplier Hon Hai Precision Industry announced it raked in the most net profit last year since it went public in 2018, thanks to robust demand for its artificial-intelligence-powered servers.

Foxconn Industrial’s share price [SHE: 601138] closed down 6.2 percent at CNY22.81 (USD3.17) today. Earlier in the day it sank CNY21.99. However, the stock has nearly doubled in value since February.

Foxconn Industrial’s net profit climbed 4.8 percent last year from the year before to CNY21 billion (USD2.9 billion), according to the Shenzhen-based company’s annual financial report released yesterday. Revenue slumped 6.9 percent to CNY476.3 billion (USD66.2 billion). While its gross profit margin widened 1.12 percentage points to 5.08 percent.

Soaring demand for AI servers worldwide boosted Foxconn Industrial’s operating revenue and profitability, it said. The development of new-generation data centers and computing power hubs for clients has also become a new engine of growth.

Foxconn Industrial said it intends to issue a record high dividend of CNY11.5 billion (USD1.6 billion) this year, equivalent to CNY5.80 (USD0.81) for every 10 shares. But the plan still needs to be approved by shareholders.

Editor: Kim Taylor