Jazeera Airways announces Q2 results – Company reports double digit growth in operating and net profits and 8-year record in flown passengers
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KUWAIT CITY, Aug 2: Jazeera Airways announced its second quarter financial results, reporting an operating profit of KD 2.2 million, up 22.9% from the same period last year, and a net profit of KD 2.3 million, reflecting a growth of 18.1% 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.
Q2 2017 Financial and Operational Highlights:
* Operating revenue: KD 14.0 million, up 9.5% from Q2 2016
* Operating profit: KD 2.2 million, up 22.9% from Q2 2016
* Net profit: KD 2.3 million, up 18.1% from Q2 2016
* Load factor: 73.3%, up 1.5% from Q2 2016
H1 2017 Financial and Operational Highlights:
* Operating revenue: KD 24.1 million, down 2.4% from H1 2016
* Operating profit: KD 1.2 million, down 65.2% from H1 2016
* Net profit: KD 1.3 million, down 77.3% from H1 2016
* Load factor: 72.6%, up 0.3% from H1 2016
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% in Q2, vs Q2’16
* Improved fleet utilization by 3.4%
* Strengthened the commercial team with new senior hirings in revenue management, network planning, and e-commerce operations
* Started construction of the airline’s state-of-the-art dedicated terminal at Kuwait International Airport
* Launched a new, simplified brand, a new website
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