KUWAIT CITY, Feb 9: Jazeera Airways today announced its full-year financial results for 2016. The company recorded KD 52.8 million in revenues for the year, an operating profit of KD 8.8 million, and a net profit of KD 10.8 million making 2016 the company’s sixth consecutive year of profitability.
The board of directors has recommended a 35% cash dividend totaling KD 7 million.
Full-year results highlights:
* Operating revenue: KD 52.8 million, down 10% from the previous year
* Operating profit: KD 8.8 million, down 35.3% from the previous year
* Net profit: KD 10.8 million, down 29.8% from last year
* Passengers: up 0.3%
* On-time Performance: 94%
Jazeera Airways Chairman Marwan Boodai said, “I am pleased to report that the year 2016 was our sixth consecutive year of profitability, however the slowing macro economic environment and the continued oversupply of seats on our routes placed pressure on our yields, resulting in a 29.8% drop from last year while carrying slightly more travelers. Having said that, with six years of consecutive profitability and virtually no debt, our balance sheet remains strong and cash-rich, making it the healthiest balance sheet in our industry.
“Looking forward, we believe that with the recent investments in on-ground facilities that we’ve made – and launched in the second half of 2016- will attract more travelers in the quarters to come. Our new terminal, which we have announced earlier will differentiate our product and gradually counter the pressure on yields. The terminal is due to start welcoming travelers by year-end.”
In 2016 Jazeera Airways broke new grounds by launching services that make the travel experience more efficient for travelers in Kuwait. The airline launched a remote check-in service called Park & Fly, the first in Kuwait, as well as a dedicated business lounge adjacent to its dedicated gates. The airline also upgraded the entire check-in experience for even faster service. In 2017, the airline will continue to facilitate travelers’ check-in, boarding, departure, and arrival experience with the construction of a brand new state-of-the-art dedicated terminal that aims to make the airport experience even more efficient for travelers flying in and out of the airport.
The new Jazeera Airways Terminal building will incorporate smart technology tasked with providing a seamless, congestion-free, check-in process. The automated building will also connect to travelers’ devices as soon as they arrive to the terminal and offer immediate assistance such as updating their flight status and navigation to their gate.