Jazeera Airways holds 15th Annual General Meeting of Shareholders

KUWAIT: Jazeera Airways shareholders today approved a board recommendation to distribute a cash dividend of KD7 million, equivalent to 35 percent of the share’s nominal value, for the fiscal year ended December 31, 2016 during the company’s 15th Annual General Meeting of Shareholders that was held at the company’s headquarters. Jazeera Airways had registered a net profit of KD 10.8 million for 2016, an operating profit of KD 8.8 million, and an operating revenue of KD 52.8 million. Operationally, the company saw a 0.3 percent increase in passengers and earned an on-time performance of 94 percent.

Jazeera Airways Board Member Marzouq Jassim Boodai said, “I am pleased to share with our shareholders that we closed 2016, which was was our sixth year of consecutive profitability, with a strong and healthy balance sheet that is cash-rich and practically debt-free. However, that is not to say 2016 was free of challenges. In the wake of a slowing macroeconomic environment and the continued oversupply of seats on our routes we saw pressure on our yields while demand remained buoyant.”

“Looking forward, we believe that with the product differentiation initiatives we launched in the second half of 2016, along with our new terminal that is due to start welcoming travelers by early 2018, we will continue to strengthen our product offering and gradually help counter the market pressure on our yields.” Shareholders also approved a recommendation by the Board of Directors to not pay a bonus to the board members for the fiscal year ended Dec 31, 2016. Shareholders elected the new Board of Directors with three-year terms. The company’s shareholders voted in a new board of directors for a three-year term including Chairman Marwan Marzouk Boodai, Vice Chairman Marzooq Jassim Boodai, and members of the Board Ahmad Abdalla, Hany Shawky, and Suhail Homsi.