Jazeera Airways has announced a net profit of KD14.9 million ($48.7 million), an astounding 124.1 per cent increase compared to 2018.
The increased in profits was backed by a 20.6 per cent rise in the number of passengers at 2.4 million as well as a 25.9 per cent jump in operating revenue to KD103.7 million ($339.6 million), the airline said in a statement.
Operationally, the airline registered an increase in operating profit by 108.7 per cent to KD14.2 million ($46.5 million), a 2.3 per cent increase in load factor to 77.5 per cent and an aircraft utilisation of 13.3 hours.
In the last quarter of the year (Q4 2019), the company reported a net loss of KD1.2 million/$3.9 million (including profit from sale of engine), up from a net loss of KD1.8 million ($5.8 million) in Q4 2018. The number of passengers increased by 28.5 per cent, while operating revenue increased by 11.8 per cent to KD20.9 million ($68.4 million) and aircraft utilisation stood at 13.8 hours during Q4 2019.
Jazeera Airways’ Board of Directors also proposed a dividend distribution of 67.5 per cent of share capital, which is equivalent to 67.5 fils per share.
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.”
“We look forward to continue our expansion in the coming years with a focus in our home region, the Middle East, Europe and Asia. The expansion will be supported with a growing fleet and a customer-centric offering in which our customers choose to fly the way they prefer,” he said. - TradeArabia News Service
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