Kuwait-based premium airline Jazeera Airways Group said it has won approval from shareholders for distribution of a 15 fils cash dividend per share.

The announcement was made at its annual general meeting of shareholders at the company’s headquarters in Freedom Town, Kuwait, in an atmosphere of continued strong shareholder support for the company’s successes.

Speaking at the meeting, group chairman Marwan Boodai said: "Our firm today has a very unique and performing business model. We operate and run a Kuwait-based commercial passenger airline that serves the region under the brand Jazeera Airways, and we operate an aircraft leasing business under the brand Sahaab Aircraft Leasing, which has assets placed with reputable airlines in North America, the Middle East, and Asia."

For Jazeera Airways, the growth opportunity for coming years will be driven by the growth of the domestic demand and the Group will continue to invest in the business to capitalize on this growth, he noted.

On-ground, Jazeera Airways is currently building its own gates and state-of-the-art bridges at Kuwait International Airport. Once operational in the second quarter of 2014, these gates will enable Jazeera Airways to offer an even better and more efficient customer experience.  

"In the air, Jazeera is embarking on a fleet modernization program. The Board and I look forward to making an announcement on the selected manufacturer in the third quarter of this year," he added.  

Our on-ground investments and fleet modernization program will reinforce and even enhance Jazeera Airways as the preferred airline for regional travel. We believe that the growth opportunities are at home, and we are well-positioned to take advantage of them in 2014 and beyond.

Following on the double digit growth in the previous years, in 2013 Jazeera Airways Group registered a 19.6 per cent increase in the net profit, making 2013 the company’s best performing year on record despite the political unrest in the region and the volatility of fuel prices.

Boodai described 2013 as an eventful year. "In addition to sustaining good results for three years in a row, we were able to secure our funding for three aircraft, essentially closing our lending requirements for two years," he stated.

"We were also able to reduce the Group’s debt to equity ratio from 1.7 in 2012 to 1.4 in 2013, and close the year with the best performance in the Group’s history," he added.-TradeArabia News Service