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Jazeera Airways posts KD 8.2mn net profit for Q3 – Company records digit growth for two consecutive quarters

KUWAIT CITY, Oct 31: Jazeera Airways KSC (Jazeera) today announced its financial results for the third quarter. The company reported an operating profit of KD 8.3 million, up 37.8% from the same period last year, and a net profit of KD 8.2 million, reflecting a growth of 35.6%, despite a 25% increase in fuel costs during for the year. Jazeera’s double digit growth for two quarters in-a-row was driven by new route launches, a healthy summer season, investments in customer experience, and robust cost management.

Q3 2017 Financial and Operational Highlights:

* Operating revenue: KD 21.9 million, up 16.8% from Q3 2016

* Operating result: KD 8.3 million, up 37.8% from Q3 2016

* Net result: KD 8.2 million, up 35.6% from Q3 2016

* Load factor: 80%, up 13.4% from Q3 2016

9M/YTD 2017 Financial and Operational Highlights:

* Operating revenue: KD 46.0 million, up 5.9% from YTD 2016

* Operating result: KD 9.5 million, up 0.4% from YTD 2016

* Net result: KD 9.5 million, down 20.3% from YTD 2016 (9M/YTD 2016 net results included a one-off KD 2.4 million transfers from foreign currency translation reserve that were reclassified to Statement of Income)

* Load factor: 75.5%, up 5.5% from YTD 2016

Jazeera Airways Chairman Marwan Boodai said, “Over the last two years we’ve invested heavily into initiatives to enhance and streamline our customers’ experience, both on ground and in the air. Today, with our second consecutive quarter of double digit growth we are beginning to see the positive returns of these investments on our bottom line. On the network front, the next two quarters are equally exciting. We’re launching five new destinations in November and December, while we continue to develop our exclusive terminal at Kuwait International Airport to accept its first passenger in Q1, 2018. Our outlook for the last quarter of the year is in line with historic Q4 trends for the regional travel sector, when we typically see demand picking up towards the second half of December”.

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