Jazeera Airways highlights strong revenues despite record fuel prices at Annual Shareholder Meeting
Shareholders approve up to 10% stock buy back and re-elect board
Kuwait and Dubai based Jazeera Airways (KSE: Jazeera, Bloomberg Jazeera KK, Reuters JAZK.KW) today held its 2008 Annual Shareholder Meeting at its new headquarters in Freedom Town.
Shareholders reviewed and approved financial accounts for the year ending on December 31 2007, which closed with a net profit of KD 2.29 million and operating revenues of KD 34.7 million; representing growth of 61.2% over operating revenues of KD 21.5 million for the full year of 2006 - the airline’s first operational year.
Marwan Boodai, Chairman and CEO for the only international airline in the Middle East that is neither owned nor subsidized by any government told shareholders; “Our continued profitability despite record fuel prices is a result of two factors. The first is that we we carried 100% more passengers than 2006 as more and more customers choose us over our on-time performance and quality service, and secondly because of our robust cost management.”
At the meeting, Jazeera Airways’ shareholders agreed to the board's proposal that dividends would not be paid to shareholders nor would board members receive bonuses, as per the airline's five-year business plan.
Shareholders ratified the airline's 2007 financial results; agreed to the selection of Price Waterhouse Coopers as auditors; ratified the Board's proposal to issue bonds in Kuwaiti Dinars or any other currency at a time set by the board; and re-elected the following board for a three-year term:
Marwan Boodai, Chairman and CEO
Jassim Boodai, Vice Chairman
Yacoub Al-Sharhan, representing Boodai Enterprises (WLL)
Fadhel Al-Khateeb, representing Boodai Enterprises (WLL)
Yousif al Jalahma, representing Combined Building Materials Co (WLL)
Suhail Homsi, representing Combined Building Materials Co (WLL)
Nasser Khaleefah Al Sanousi, representing Kuwait Applications Service Provider Co (KSCC)
Jazeera Airways is listed on the Kuwait Stock Exchange and operates a fleet of six Airbus A320s from hubs in Kuwait and Dubai to destinations across the Middle East, Europe, Iran, North Africa, and the Indian Subcontinent. The airline has a firm order for 34 additional aircraft, to be delivered over the coming years, with the last installment scheduled for delivery in 2014.
