FREEDOM TOWN, Kuwait: Jazeera Airways shareholders approved a board proposal for the distribution of a cash dividend of KD 3 million, equivalent to 15 percent of the share’s nominal value, for 2015 during the company’s 14th annual general meeting (AGM) of shareholders that was held at the company’s headquarters on Sunday.

Jazeera Airways registered a net profit of KD15.4 million for 2015, an operating profit of KD13.6 million representing a 2 percent increase from 2014, and an operating revenue of KD58.6 million. Operationally, the company saw a 4.5 percent increase in passengers and an on-time performance of 94.3 percent, making it one of the most on-time airlines in the Middle East.

Jazeera Airways Chairman, Marwan Boodai, said: “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. The company is now debt-free, has over KD30.9 million in cash and operates a growing, profitable business; the balance sheet has never been as strong as it is today. Last year was indeed transformational for the balance sheet, and 2016 will be the year this transformation extends to our product through a series of new and game-changing product enhancements.”

Full-year results highlights: Operating revenue 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.

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, 2015, allocating 10 percent (KD 1,607,146) of 2015 net profits to the statutory reserve account, and a recommendation by the board of directors to not allocate funds for the voluntary reserve account.