Budget Carrier Jazeera Profit Soars By 95%

Kuwait’s Jazeera Airways has announced a net profit of KD 7.5 million ($26.4 million) in the first half of this year, up 95 per cent from the same period last year, making H1 2013 the airline’s most profitable first half in its history.

Jazeera announced that its revenues touched KD 30.8 million ($108.5 million), up nine per cent from the same period last year while its operating profit was KD 9.5 million ($33.5 million), up 48 per cent from H1 2012.

The airline recorded passenger growth of 4.1 per cent in the first half with the average load factor of 70 per cent up 11.9 per cent from H1 2012.

“We started the year with the objective of building on last year’s momentum, and we’ve been successful so far as reflected in the first half financial, operational, and commercial results,” said Marwan Boodai, chairman of Jazeera Airways group chairman.

“We’ve carried more passengers than the same period of last year, with the average load factor exceeding targets while maintaining operational excellence.”

The airline’s outlook for the remaining part of 2013 remains positive with a seasonal rise in demand expected during the third quarter.

In the last six months, the budget carrier has secured funding to purchase the three remaining aircrafts from an order of 15 A320s.

Jazeera Airways Group has a fleet of 13 fully-owned Airbus A320s, distributed among its airline businesses Jazeera Airways and its aircraft leasing arm Sahaab.

Jazeera airways is a member of International Air Transport Association and operates one of the youngest Airbus 320 fleets in the Middle East.