Jazeera Airways net profit up 23pc
Kuwait, October 28, 2013
Kuwait-based Jazeera Airways Group has registered a KD14.1 million ($50 million) net profit in the first nine months, up 23 per cent when compared to last year.
Announcing the results in a webcast attended by local and international analysts, Jazeera Airways Group said this was the airline’s most profitable nine-month period in its history.
Besides a record year-to-date (YTD) net profit, the Kuwait airline also witnessed a 4.4 per cent jump in its revenue for the nine month period which hit KD50.8 million.
Jazeera's operating profit too soared to KD17.2 million, up 13.1 per cent compared to last year. The airline also witnessed a solid growth in the load factor which hit 70 per cent, up 5.6 per cent compared to last year.
On the performance, Group chairman Marwan Boodai said: "Despite the political unrest in some parts of our network for the last three quarters and the holy month of Ramadan impacting this year’s summer travel trends, we were still able to carry more passengers than last year and at higher average yields resulting in increases in most of our financial key performance indicators (KPI)."
He pointed out that Jazeera had operated the first three quarters with an average load factor of 70 per cent registering a 4.2 per cent increase in average yield compared to the same period last year.
Jazeera Airways secured funding for the three remaining aircraft on an order of 15 A320s. The structured loan was led by Kuwait’s NBK and DVB Bank SE. As a result of the loan, the company has secured its financial commitments for the next two years.
"Jazeera Airways Group received a brand new Airbus A320 from the manufacturer. To date, Jazeera Airways Group has taken delivery of 13 Airbus A320s since 2005, as part of an order for 15 aircraft of the same type. The remaining two aircraft the order are scheduled to be delivered this month and in May of 2014," he added.-TradeArabia News Service