Kuwait-based budget carrier Jazeera Airways Group said it has won approval from the annual general meeting for distribution of 10 per cent bonus shares to its investors.

Announcing this on Wednesday, Jazeera said the shareholders approved the board’s recommendation following a record-breaking year in which the airline earned record KD10.6 million ($38.1 million) in net profit with an earnings per share of 48 fils.

Besides, the Kuwaiti budget carrier also a registered a record KD57.8 million in revenue, up 36 per cent from 2010, and a record KD14.9 million in operating profit.

These results reflect the success of the company’s Turn-Around Plan that was implemented in second quarter 2010 and had steered the company into continued profitability for the last six quarters, said a top official.

Commenting on the results, Jazeera Airways Group chairman Marwan Boodai said, '2011 was a record-breaking year despite the continued over capacity, the impact of political unrest on travel within our network, and an increasing fuel cost.'

'Jazeera Airways today has a solid network, increasing load factors, reduced cost, high aircraft utilization, in addition to an aircraft leasing arm with assets deployed across the globe, from the US to the Middle East to Asia. Jazeera Airways Group today has a sustainable business model that has generated sustainable profitability quarter-on-quarter for six quarters in-a-row,” he added.

Following the AGM, the board held an extraordinary general meeting of shareholders to gain approval for amending the articles of association to take into account the change in capital resulting from the bonus share issuance.

The shareholders also approved the change of the company’s capital from KD22 million to KD24.2 million by issuing 22 million ordinary shares (the bonus shares) at a nominal value of 100 fils to the share.-TradeArabia News Service