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Jazeera Airways cancels 2019 dividends amid COVID-19 uncertainties

Jazeera Airways cancels 2019 dividends amid COVID-19 uncertainties
The new decision will support the company’s operation once the travel halt is lifted
JAZEERA
JAZEERA
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Mubasher: The board of Jazeera Airways has cancelled the proposed cash dividends distribution and recommended not to distribute any dividends for the fiscal year (FY) ended on 31 December 2019 in an attempt to curb the fallout from the coronavirus (COVID-19) epidemic.

The new decision will support the company’s operation once the halt of flights to and from Kuwait International Airport is lifted, according to a stock exchange filing on Monday.

Moreover, it approved extending the suspension of the airline’s flight operations until the imposed travel restrictions are lifted.

Earlier this month, the board of directors lowered its recommended cash dividends to KWD 7 million or 35 fils per share, representing 35% of capital, down from a previous recommendation of 67.5%.

The new recommendation was due to the potential impact of the novel coronavirus outbreak on the airline’s operations.

It is noteworthy that in 2019, Jazeera Airways’ net profits leaped by 124.1% on an annual basis to KWD 14.9 million.