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Jazeera Airways announces 335% growth in 1H19 net profit

Posted 5 August 2019 · Add Comment

Jazeera Airways has announced its financial and operational results for the first half of the year (1H 2019), reporting KD6.2 million in net profit, up 335.1% from KD1.4 million in 2Q 2018, and a 20.06% growth in number of passengers.

 

The Company’s operating revenue increased by 37.4% to KD47.3 million, while operating profit increases by 391.6% to KD6.6 million.

In the second quarter, the Company reported KD4.8 million in net profit, up 171.2% from KD1.8 million in 2Q 2018, and a 12.0% growth in number of passengers. Operating revenue increased by 29.5% to KD26.0 million and operating profit increased by 169.8% to KD4.8 million, while aircraft utilization increased by 2.2% to 14.8 hours and yield increased by 11.5% to KD45.6 during 2Q 2019.

 

1H 2019 Financial and Operational Highlights:

          Operating revenue: KD47.3 million, up 37.4% from 1H 2018

          Operating profit: KD6.6 million, up 391.6% from 1H 2018

          Net profit: KD6.2 million, up 335.1% from 1H 2018

          Passengers: 1.1 million up 20.6% from 1H 2018

2Q 2019 Financial and Operational Highlights:

          Operating revenue: KD26.0 million, up 29.5% from 2Q 2018

          Operating profit: KD4.8 million, up 169.8% from 2Q 2018

          Net profit: KD4.8 million, up 171.2% from 2Q 2018

          Passengers: 549,055 up 12.0% from 2Q 2018

          Fleet utilization: 14.8 hours, up 2.2% from 2Q 2018

          Load factor: 77.6%, up 3.9% from 2Q 2018

          Yield: KD45.6, up 11.5% from 2Q 2018

Jazeera Airways chairman, Marwan Boodai, said: “Jazeera Airways continues to perform positively as it further expands its network of destinations and grows its fleet with new three A320neo aircraft to be delivered in the second half of the year. We launched a new route to the popular summer destination, Bodrum, and celebrated the first year anniversary of the Jazeera Terminal (T5). We also launched the first ever on-board convenience store, adding more value to passengers when flying with Jazeera Airways.”

The airline served over 1.1 million passengers through T5 since it became operational in May 2018. Its daily flights to Istanbul moved to the new international airport and new flights were added to serve the Sabiha Gokcen International Airport in Istanbul as well as Bodrum, Turkey.

Jazeera Airways chief executive officer, Rohit Ramachandran, commented on the results saying: “Our overwhelming focus on our customers by operating routes of their choice at very affordable prices, and making operational excellence as the cornerstone of our business, is the DNA of Jazeera Airways. We ruthlessly eliminate wasteful processes and cost, and pass on the benefit to our customers as lower fares.”

Outlook for 2019

Jazeera Airways prepares to launch new routes in Q3 and Q4, staring with flights to the British capital, London, in October 2019. The airline will also take delivery of three new A320neo aircraft.

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