Jazeera Airways reports operating profit of KD2.2m
Operating profit and net profit record double digit growth in Q2 2017
Jazeera Airways yesterday announced its second quarter financial results, reporting an operating profit of KD2.2 million, up 22.9 percent from the same period last year, and a net profit of KD2.3 million, reflecting a growth of 18.1 percent from the same period last year. Jazeera Airways’ positive results were driven by higher utilization, improved network planning, and a strong demand for travel during the quarter, which was airline’s best second quarter by flown passengers since Q2 2009.
Jazeera Airways Chairman Marwan Boodai said, “I am pleased to report to our shareholders that we are on track towards increasing shareholder value. The company’s double digit growth at both the operational level and the net level reflects this ongoing commitment.”
“Our half-year results, however, were pulled down by Q1’s earnings due to a host of external factors, most notably a slowing macroeconomy and the continued overcapacity on our routes. But the turn-around we saw in the airline’s performance in Q2 is very encouraging and we are well-positioned to sustain this positive performance in the coming quarters on the back of a series of customer-focused initiatives that we’ve been announcing for the past year. Currently, our team is focused on digitizing, maximizing, and monetizing Jazeera Airways even more. Earlier this week we launched our new brand, along with a reengineered jazeeraairways.com, which now has a strong e-commerce infrastructure tasked with delivering a faster and more rewarding experience for our customers. Our team is also working hard to further optimize our route network, to increase utilization of our fleet, to add new routes in the coming quarters, and to deliver the state-of-the-art dedicated terminal at Kuwait International Airport, which we promised to launch in the first quarter of next year.”
H1 Business Highlights
Launched two new routes: Baku and Doha Improved yield per passenger by 4.7 percent in Q2, vs Q2’16
Improved fleet utilization by 3.4 percent
Strengthened the commercial team with new senior hirings in revenue management, network planning, and e-commerce operations
Started construction of the airline’s state-ofthe-art dedicated terminal at Kuwait International Airport
Launched a new, simplified brand, a new website
Operated in 2005, Jazeera Airways is a Boursa Kuwait-listed company serving popular destinations in the Middle East. The airline operates a fleet of Airbus A320 aircraft with two class cabins comprising a Business Class and an Economy Class. Business Class travelers get both an upgraded experience and exclusivity, starting with exclusive check-in lines, business lounge access, up to 60 kilograms in free baggage allowance, and an exclusive on-board cabin. The airline’s Economy Class offers travelers free baggage allowance of 40 kilograms and free on-board meals with a changing menu every month.