Kuwait-based Jazeera Airways Group has posted a KD16.7 million ($59 million) net profit for 2013, beating once again previous years' record earnings for three years in-a-row despite ongoing regional political unrest and fuel price volatility.

The Kuwaiti carrier registered a 19.6 per cent growth in its net profit compared to the previous year.

The airline's operating profit surged 11.4 per cent to KD20.6 million in 2013 when compared to KD18.5 million the previous year, while its operating revenue rose to KD65.6 million, up 4.7 per cent from KD62.6 million last year.

The Kuwaiti airline's average yield was up 5.1 per cent from the year before.

For the fourth quarter, the net profit rose to KD2.6 million, up 4 per cent from KD2.5 million the previous year.

In a webcast attended by local and international analysts, Jazeera Airways chairman Marwan Boodai said, "2013 was an eventful year as in addition to sustaining good results for three years in a row, we were able to secure our funding for three aircraft, essentially closing our lending requirements for two years."

"We were able to reduce the group’s debt to equity ratio from 1.7 in 2012 to 1.4 in 2013, and to close the year with the best performance in the Group’s history," he stated.

Earlier today, the company’s board recommended cash dividend to shareholders of 15 fils per share, which will be reviewed in the AGM that is due to be held in the next weeks, added Boodai.

The results reflect the ongoing success of the group’s Strategic Master Plan (STAMP), a business plan for 2012 to 2014.

On the 2014 outlook, Boodai said following the last three record-breaking years, the group was well-positioned for another growth year in line with the STAMP, which is set to conclude this year.

During the course of the year, Jazeera is planning to place an aircraft order as part of a phased fleet modernization program, said the top official.

“Our business is based on operating new and modern aircraft at all times and we look forward to making an announcement about our fleet modernization program, including the selected manufacturer, in the next six to eight months,” added Boodai.

Jazeera Airways operates a network comprising high-demand business, leisure, family, and weekend destinations such as Dubai, Bahrain, Beirut, Alexandria, Amman, Istanbul, Sharm El Sheikh, Assiut, Luxor, Mashhad, Sohag, Jeddah, Riyadh, Cairo and Al Najaf.

It is an IATA-member airline and operates one of the youngest Airbus A320 fleets in the Middle East.-TradeArabia News Service