Monday 25 May 2020

Jazeera Airways posts $4.9m net profit for Q1

KUWAIT, April 25, 2019

Kuwait-based Jazeera Airways has announced a net profit of KD1.5 million ($4.9 million) in the first quarter of the year - up from a net loss of KD321,900 ($1.05 million) in Q1 2018 - and a 31.2 per cent growth in the number of passengers during the same period.

According to its financial and operational results for Q1 2019, operating revenue increased by 48.4 per cent to KD21.3 million ($69.8 million)  while aircraft utilisation increased by 16.6 per cent to 13.8 hours and yield increased by 6.8 per cent to KD37.8.

The airline flew a total of 529,640 passengers in Q1, maintaining a load factor of 76 per cent.

Jazeera Airways Chairman, Marwan Boodai, said: “Jazeera Airways had a positive performance in the first quarter of 2019, supported by a growing and solid network that serves an expanding customer base. We also continue to focus on our customer-centric approach as we invest in innovative services that not only add value to our customers’ experience, but also create new ancillary sources of revenue and support our strong balance sheet.”  

Boodai said: “2019 will be another milestone year for Jazeera Airways as we prepare to launch new routes in the Middle East, Indian Subcontinent and to the British capital, London. The airline will also take delivery of three new A320neo aircraft on order, while it continues to expand its product offer from the Jazeera Terminal.”

Jazeera Airways chief executive officer, Rohit Ramachandran, commented: “Our earnings are the result of a deep understanding of regional dynamics and a robust plan that enable us to satisfy the needs of our markets. We have significant expansion plans for our network in 2019 and we remain focused on implementing our cost optimization program.” - TradeArabia News Service


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