Kuwait's Jazeera Airways sees 90% jump in net profit to $53m

Kuwait's Jazeera Airways sees 90% jump in net profit to $53m
In the third quarter, the airline reported KD9.9 million in net profit, up 40.6% while revenue increased by 21.4% to KD35.5 million and passenger numbers rose 14.3% to over 703,000
Published: 7 November 2019 - 6 a.m.
By: Hotelier Middle East Staff
Kuwait-based Jazeera Airways on Monday reported KD16.1 million ($53 million) in net profit for the first nine months of 2019, up 90.2% compared to the same period in 2018, sister publication Arabian Business reported.

The airline also reported an 18.1% growth in the number of passengers to 1.8 million while operating revenue increased by 30% to KD82.8 million.

In the third quarter, the airline reported KD9.9 million in net profit, up 40.6% while revenue increased by 21.4% to KD35.5 million and passenger numbers rose 14.3% to over 703,000.

Jazeera Airways chairman, Marwan Boodai, said: “Jazeera Airways maintains its strong financial position supported by a solid operational model as it continues to expand and add value to its customers’ experience.”

Jazeera Airways CEO, Rohit Ramachandran, added: “Our expansion is giving customers access to new destinations through direct or short one-stop flights across the Middle East, Europe and Asia. That is complemented with our continued focus on providing our customers with very affordable prices while ensuring we maintain our operational excellence. We’re investing in new cost saving initiatives and continue to target new destinations that serve the growing segments of passengers within our network.”

Jazeera Airways will take delivery of two new A320neo aircraft by the end of the year to support its expanding network.

Following the launch of its flights to London on October 27 and to Osh, Kyrgyzstan on November 3, the airline said it is also preparing to launch routes to Kathmandu in Nepal, Karachi in Pakistan, Chittagong in Bangladesh, Al Ain in UAE, Dammam and Abha in Saudi Arabia.

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