Operating revenue up 48.4% * Number of passengers up 31.2%
KUWAIT: Jazeera Airways yesterday announced its financial and operational results for 1Q 2019, reporting KD 1.5 million in net profit, up from a net loss of KD 321.9 thousand in 1Q 2018, and a 31.2 percent growth in number of passengers.
The company’s operating revenue increased by 48.4 percent to KD 21.3 million, while aircraft utilization increased by 16.6 percent to 13.8 hours and yield increased by 6.8 percent to KD 37.8.
1Q 2019 Financial and Operational Highlights
Operating revenue: KD21.3 million, up 48.4 percent from 1Q 2018
Operating profit: KD2.4 million, up from a loss in 1Q 2018
Net profit: KD1.5 million, up from a loss in 1Q 2018
Passengers: 529,640 up 31.2 percent from 1Q 2018
Fleet utilization: 13.8 hours, up 16.6 percent from 1Q 2018
Load factor: 75.6 percent
Jazeera Airways Chairman, Marwan Boodai, said: “Jazeera Airways had a positive performance in the first quarter of 2019, supported by a growing and solid network that serves an expanding customer-base. We also continue to focus on our customer-centric approach as we invest in innovative services that not only add value to our customers’ experience, but also create new ancillary sources of revenue and support our strong balance sheet.”
The airline operated its third full quarter from its Jazeera Terminal (T5), which carried 529,640 passengers in 1Q 2019 and registered its first quarter of profitability. Terminal 5 has four gates, three connected to boarding bridges, a duty free, restaurants, convenience stores and the recently introduced self-check-in kiosks.
Jazeera Airways Chief Executive Officer, Rohit Ramachandran, commented on the results saying: “Our earnings are the result of a deep understanding of regional dynamics and a robust plan that enable us to satisfy the needs of our markets. We have significant expansion plans for our network in 2019 and we remain focused on implementing our cost optimization program.”
Boodai said: “2019 will be another milestone year for Jazeera Airways as we prepare to launch new routes in the Middle East, Indian Subcontinent and to the British capital, London. The airline will also take delivery of three new A320neo aircraft on order, while it continues to expand its product offer from the Jazeera Terminal.”