Jazeera Airways has reported a net profit of KD14.9 million (£37.8m), up 124.1 per cent from the previous year, supported by a 20.6 per cent increase in the number of passengers, reaching 2.4 million, and a 25.9 per cent increase in operating revenue to KD103.7 million (£263.4m).
Operationally, the airline registered an increase in operating profit by 108.7 per cent to KD14.2 million (£36.1m), a 2.3 per cent increase in load factor to 77.5 per cent, and aircraft utilisation of 13.3 hours.
However, in the last quarter of the year (Q4 2019), the company reported a net loss of KD1.2 million (£3m) down from a net loss of KD1.8 million (£4.6m) in Q4 2018.
Commenting on the results, Jazeera Airways’ chairman, Marwan Boodai, said: “We are proud to be announcing our best set of operating results in the airline’s history. The significant leap in profitability is the result of profitable growth coupled with an aggressive cost focus.
Our airline continues to grow and expand its footprint in the Middle East, Europe and Asia, while our Jazeera Terminal T5, which is the only example of an airline-owned terminal in the region, significantly contributed to the strong results.
Today, Jazeera Airways continues to enjoy a strong balance sheet, backed by solid and expanding operations that serve the demand of a growing customer base in the regions where we operate.”
Jazeera Airways continued to expand in 2019, opening new low-cost options to serve passengers. The expansion was marked by a milestone launch of a direct service to London Gatwick in October.
The airline also launched services to Istanbul’s Sabiha Gokcen International Airport, the Turkish coastal city of Bodrum in May, the Nepalese capital Kathmandu, Osh in Kyrgyzstan, Karachi in Pakistan, Al Ain in the United Arab Emirates (UAE)and Dammam in Saudi Arabia.