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Jazeera Airways announces 335 per cent growth in 1H 19 net profits

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Jazeera Airways today announced its financial and operational results for the first half of the year (1H 2019), reporting KD 6.2 million in net profit, up 335.1 per cent from KD 1.4 million in the second quarter of 2018, and a 20.06 per cent growth in number of passengers.

The company's operating revenue increased by 37.4 per cent to KD 47.3 million, while operating profit increased by 391.6 per cent to KD 6.6 million.

In the second quarter, the company reported KD 4.8 million in net profit, up 171.2 per cent from KD 1.8 million in the second quarter of 2018, and a 12.0 per cent growth in the number of passengers.

Operating revenue increased by 29.5 per cent to KD 26 million and operating profit increased by 169.8 per cent to KD 4.8 million, while aircraft utilization increased by 2.2 per cent to 14.8 hours and yield increased by 11.5 per cent to KD 45.6 during second quarters of 2019.

1H 2019 financial and operational highlights:

* Operating revenue: KD47.3 million, up 37.4 per cent from 1H 2018

* Operating profit: KD6.6 million, up 391.6 per cent from 1H 2018

* Net profit: KD6.2 million, up 335.1 per cent from 1H 2018

* Passengers: 1.1 million up 20.6 per cent from 1H 2018

2Q 2019 financial and operational highlights:

* Operating revenue: KD 26 million, up 29.5 per cent from 2Q 2018

* Operating profit: KD 4.8 million, up 169.8 per cent from 2Q 2018

* Net profit: KD 4.8 million, up 171.2 per cent from 2Q 2018

* Passengers: 549,055 up 12 per cent from 2Q 2018

* Fleet utilization: 14.8 hours, up 2.2 per cent from 2Q 2018

* Load factor: 77.6 per cent, up 3.9 per cent from 2Q 2018

* Yield: KD 45.6, up 11.5 per cent from 2Q 2018

"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 onboard convenience store, adding more value to passengers when flying with Jazeera Airways", said Marwan Boodai, Jazeera Airways Chairman.

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.

"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", said Rohit Ramachandran, Jazeera Airways Chief Executive Officer.

Outlook for 2019

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

This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, August 07 2019. 12:46 IST
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