Kuwait - Mubasher: The ordinary general meeting (OGM) of Jazeera Airways approved distributing 35% of the share’s nominal value for fiscal year 2016, with a total cash dividend of KWD 7 million, according to a press release issued on Sunday.

The leading airlines company has a capital of KWD 20 million distributed on 200 million shares, at a par value of 100 fils each.

Jazeera Airways posted a decline of 29.9% in net profit to KWD 10.8 million during FY16 from KWD 15.4 million in FY15.

“We believe that with the product differentiation initiatives we launched in the second half of 2016, along with our new terminal that is due to start welcoming travelers by early 2018, we will continue to strengthen our product offering and gradually help counter the market pressure on our yields,” board member of Jazeera Airways Marzouq Jassim Boodai said.

At the stock level, Jazeera Airways closed Sunday’s session 1.79% lower at 550 fils.