Jazeera Airways Announces 335 Percent Growth in 1H19 Net Profit

Jazeera Airways today 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 percent from KD1.4 million in 2Q 2018, and a 20.06 percent growth in number of passengers. The Company’s operating revenue increased by 37.4 percent to KD47.3 million, while operating profit increases by 391.6 percent to KD6.6 million.

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

1H 2019 Financial and Operational Highlights:

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

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

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

●        Passengers: 1.1 million up 20.6 percent from 1H 2018

2Q 2019 Financial and Operational Highlights:

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

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

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

●        Passengers: 549,055 up 12.0 percent from 2Q 2018

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

●        Load factor: 77.6 percent, up 3.9 percent from 2Q 2018

●        Yield: KD45.6, up 11.5 percent 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.”

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.”