NBK Capital maintains Jazeera Airways FV at KWD 1.06

Kuwait-Mubasher: NBK Capital, the investment arm of the National Bank of Kuwait, has maintained the fair value of Jazeera Airways at KWD 1.06, with a recommendation of ”Buy’.

NBK Capital said that the company’s revenues retreated 6% on an annual basis to KWD 58.6 million during the fiscal year 2015, 3% lower than NBK Capital’s expectations.

It added that the number of passengers has increased 5% in 2015.

The operating profits grew 2% on an annual basis to KWD 13.6 million, 7% down from NBK Capital’s expectations.

The report noted that the operating profit margin soared 23.2% in 2015 as compared to 21.3% in 2014.

Also, the board of directors recommended 15% cash dividends with an overall value of KWD 3 million.