Latest News
- Court Sentences Bank Employee To 5 Years For Embezzling 100,000...
- Fake ‘Sheikh’ Sentenced To 2-yr As Court Overturns Verdict
- Justice Ministry New Service On The Sahel App
- Ministry Probes 68 Cases Of Illegal Charity, Funds Collection
- Globally, Kuwait Is Among The Top Consumers Of Incense And Oud O...
- Decrease Seen In Foreign Investment
- Kuwait Customs Seized 2 Containers Laden With Tobacco At Shuwaik...
- Unpaid Salaries, Accountant Beaten Up By Workers
- The Sahel App Was Not Hacked, A Spokesman Claims
- Four Expats Arrested For Stealing Copper Cables Worth 60,000 Din...
- Indian National Died In Abdalli Car Accident
- Work Permits And Foreign Worker Transfers Are Amended By PAM
Jazeera Airways Posts 9m Earnings
Jazeera Airways today announced its financial and operational results for the first nine months of 2018, reporting a 38.4% growth in operating revenue and a 44.5% growth in number of passengers in comparison to the same period last year.
The Company’s net profit stood at KD8.5 million for the first nine months of 2018. 9M 2018 Financial and Operational Highlights: (Adjusted 9M 2018 net profit of KD9.6 million accounting for KD885 thousand one-offs related to irregular events in 9M 2018 and KD287 thousand operating loss related to facilities operations)
■ Operating revenue: KD63.7 million, up 38.4% from 9M 2017
■ Operating profit: KD8.9 million, down 5.7% from 9M 2017
■ Net profit: KD8.5 million, down 11.2% from 9M 2017
■ Passengers: 1.5 million up 44.5% from 9M 2017
■ Fleet utilization: 13.6 hours, up 23.6% from 9M 2017
■ Load factor: 76.8%, up from 75.5% 9M 2017 3Q 2018 Financial and Operational Highlights: (Adjusted 3Q 2018 net profit of KD7.8 million accounting for KD727 thousand one-offs related to irregular events in 3Q 2018 and KD123 thousand operating loss related to facilities operations)
■ Operating revenue: KD29.2 million, up 31.7% from 3Q 2017
■ Operating profit: KD7.6 million, down 12.2% from 3Q 2017
■ Net profit: KD7.0 million, down 14.1% from 3Q 2017
■ Passengers: 615,126 up 37.2% from 3Q 2017
■ Fleet utilization: 14.8 hours, up 11.0% from 3Q 2017
■ Load factor: 80%, up from 75.8% in 3Q 2017 Jazeera Airways Chairman, Marwan Boodai, said: “Operationally, fuel prices continued to increase in 3Q 2018, rising by 35% from 3Q 2017, and the competitive landscape remained strong. However, despite these challenges, our investments in expanding our offering and network continued to yield positive results. “We ended the third quarter with zero debt. We tapped into a new segment of customers by launching new destinations to the Indian subcontinent, Tbilisi and Medinah, all while enhancing the travel experience through our dedicated terminal at Kuwait International Airport, the first passenger terminal owned by an airline in the Middle East. During the year, Jazeera Airways also took delivery of an A320 and the first A320neo to be delivered in the Middle East.”
The airline operated in 3Q 2018 its first full quarter from its new dedicated terminal, which carried 795,218 passengers since its inauguration. The Duty Free received final permits and started operations in October 2018.
The airline also launched the Ride & Fly service enabling passengers to take a shuttle from various locations in Kuwait, register their luggage and check-in on-board the shuttle.
On routes serving its new destinations, Jazeera Airways grabbed a 50% market share on Kuwait-Tbilisi, 41% on Kuwait-Lahore, 51% on Kuwait- Ahmedabad, 19% on Kuwait-Mumbai, 32% on Kuwait-Kochi and 8.2% on Kuwait- Medinah.
Boodai concluded: “In the last quarter of the year, demand is expected to pick up during the end of year seasonal holidays in line with travel trends. Jazeera Airways also prepares to launch a new route ahead of the travel season, serving the Indian capital, New Delhi, while new retails offerings continue to open at our dedicated terminal.”
SOURCE : ARABTIMES
Trending News
-
Eid Al Fitr 2024: Crescent Moon Not Sighted In Sau...
08 April 2024
-
Kuwait Implements Home Biometrics Services Ahead O...
14 April 2024
-
When Will Eid Al Fitr 2024 Take Place In Qatar, Ba...
08 April 2024
-
On Sunday, The Meteorological Department Warns Of...
07 April 2024
-
Kuwait Airways Provides Update On Flight Schedule...
14 April 2024
-
Kuwait Airways Introduces Convenient Home Luggage...
15 April 2024
-
Gathering For Eid Al-Fitr Prayers: Kuwaiti Citizen...
10 April 2024
-
Winners Of Kuwait National Assembly 2024 Elections
06 April 2024
-
Bay Zero Water Park Kuwait: Summer Season Opens Ei...
11 April 2024
-
An Egyptian Expat Dies At Kuwait's Airport
11 April 2024
Comments Post Comment