Wednesday , December 19 2018

Jazeera Airways announces financial results for Q1 2018

Co posts double digit growth in revenues, passengers

Marwan Boodai, Jazeera Airways Chairman

KUWAIT CITY, April 25: Jazeera Airways on Wednesday announced its financial results for the first quarter of 2018. The results showed double digit growth in both revenue and fl own passengers, in addition to a significant improvement in the bottom line.

The airline recorded an operating revenue of KD 14.3 million, up 42.7% from Q1 2017, and a net result of -KD 0.3 million, an improvement of KD 0.636 million from Q1 2017. Jazeera Airways’ improved operational and financial performance were a result of the significant investments in customer experience enhancement, new routes launches, and higher asset utilization in 2017.

The company had registered a net profit of +KD 8.2 million for the year 2017. Q1 2018 Financial and Operational Highlights:

■ Operating revenue: KD 14.3 million, up 42.7% from Q1 2017

■ Operating profit/(loss): (KD 0.46 million), an improvement of KD 0.572 million from Q1 2017

■ Net profit/(loss): (KD0.3 million), an improvement of KD 0.636 from Q1 2017

■ Passengers: 403,863, up 43.1% from Q1 2017

■ Fleet utilization: 11.8 hours, up 25.7% from Q1 2017

■ Load factor: 75.8%, up 5.4% from Q1 2017 Jazeera Airways Chairman Marwan Boodai said, “Despite the first quarter being a low travel season historically, we saw a 43.1% increase in flown passengers this year, a 42.7% growth in topline earnings, and significant improvement in our bottom line earnings.

The Board is pleased to see the efforts and investments throughout 2017 are creating a positive impact as early as the first quarter of 2018. Looking head, the rest of the year is looking incredibly exciting for our business with our very own dedicated terminal coming on-line in mid-May, in addition to new routes, and new additions to the fl eet”.

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