Company shareholders agreed to the measures at the Kuwaiti airline’s annual general meeting on 22 May. They also ratified the accounts for the past year.
Under the terms of Jazeera’s five-year financial plan, shareholders agreed not to receive their dividend and the company’s directors will not receive a bonus. The buyback was approved instead of a dividend, which should drive up the share price.
Jazeera Airways generated a net profit of KD2.3m ($8.6m) in the past year. It also had operating revenues of KD34.7m for the year, a 61 per cent increase on 2006.