Jazeera Airways recorded a net profit of KD15.4 million and an operating profit of KD13.6 million in 2015, reflecting a 2 percent increase from last year. The board of directors has recommended a 15 percent cash dividend totaling KD3 million.

Announcing its full-year financial results, Jazeera Airways said its operating revenue was KD58.6 million; operating profit KD13.6 million, up 2 percent from the previous year, net profit KD15.4 million; passengers up 4.5 percent; and on-time performance 94.3 percent.

Jazeera Airways Chairman Marwan Boodai said: “I’m pleased to report that 2015 was another profitable year for Jazeera Airways, and a transformational one too. We successfully readjusted the airline’s capital to match its size, issued record shareholder payouts worth KD52.7 million in cash, and settled all debts. Today, the company is debt-free, with over KD30.9 million in cash and a growing profitable business. The company’s balance sheet has never been as strong as it is today.”

Jazeera Airways started the year by announcing a divestment of its fully-owned leasing business, which had accounted for less than 20 percent of its net profit in 2014, by selling its fleet of 15 Airbus A320s for $507 million.