Jazeera Airways announces 90.2% increase in 9M19 net profit

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9M19 operating revenue up 30.0%

Jazeera Airways today announced its financial and operational results for the first nine months of the year (9M 2019), reporting KD16.1 million in net profit, up 90.2% from KD8.5 million in 9M 2018, and an 18.1% growth in number of passengers.

The Company's operating revenue increased by 30.0% to KD82.8 million, while operating profit increased by 90.5% to KD17.0 million.

In the third quarter (Q3 2019), the Company reported KD9.9 million in net profit, up 40.6% from KD7.0 million in Q3 2018, and a 14.3% growth in number of passengers. Operating revenue increased by 21.4% to KD35.5 million and operating profit increased by 37.6% to KD10.5 million, while aircraft utilization stood at 14.5 hours and yield increased by 5.0% to KD48.8 during Q3 2019.

9M 2019 Financial and Operational Highlights:

  • Operating revenue: KD82.8 million, up 30.0% from 9M 2018
  • Operating profit: KD17.0 million, up 90.5% from 9M 2018
  • Net profit: KD16.1 million, up 90.2% from 9M 2018
  • Passengers: 1.8 million up 18.1% from 9M 2018

Q3 2019 Financial and Operational Highlights:

  • Operating revenue: KD35.5 million, up 21.4% from Q3 2018
  • Operating profit: KD10.5 million, up 37.6% from Q3 2018
  • Net profit: KD9.9 million, up 40.6% from Q3 2018
  • Passengers: 703,378 up 14.3% from Q3 2018
  • Load factor: 80.7%, up 0.7% from Q3 2018
  • Yield: KD48.8, up 5.0% from Q3 2018

Jazeera Airways Chairman, Marwan Boodai, said: "Jazeera Airways maintains its strong financial position supported by a solid operational model as it continues to expand and add value to its customers' experience. The airline served 29 high-demand destinations in the third quarter and prepared to robustly expand in the coming quarter with seven new destinations, including the milestone expansion to Europe with flights to London Gatwick since October 27. Our fleet is also expanding with three new A320neo aircraft, one which has been delivered on October 18."

Jazeera Airways Chief Executive Officer, Rohit Ramachandran, commented on the results saying: "Our expansion is giving customers access to new destinations through direct or short one-stop flights across the Middle East, Europe and Asia. That is complemented with our continued focus on providing our customers with very affordable prices while ensuring we maintain our operational excellence. We're investing in new cost saving initiatives and continue to target new destinations that serve the growing segments of passengers within our network."

Jazeera Airways will take delivery of two new A320neo aircraft by the end of the year to support its expanding network.

Following the launch of its flights to the British capital, London, on October 27, and to Osh, Kyrgyzstan on November 3, the airline prepares to launch routes to Kathmandu in Nepal, Karachi in Pakistan, Chittagong in Bangladesh, Al Ain in UAE, Dammam and Abha in KSA.

This press release was sourced from Jazeera Airways on 04-Nov-2019.