Subscribe Free
in Home / Air Transport / Business & Finance

Jazeera Airways triples first quarter net profit

Posted 26 April 2013 · Add Comment

Kuwait-based Jazeera Airways Group announced in a webcast that its first quarter net profit of $12.6 million has more than tripled, compared to the year-ago.

Group chairman Marwan Boodai said: “These exceptional results were generated by our airline business, which saw an increase in passenger loads and a full recovery from the three Syrian destinations that were suspended by Q4 2012.”

He added that business was being buoyed by the booming Kuwaiti economy, where people have increasing levels of disposable income and the government is pushing forward with many infrastructure projects.

CFO Don Hubbard said first-quarter financing costs for the group, which consists of Jazeera Airways and the Sahaab leasing arm, were down 26% compared to the same period last year due to debt restructuring and an oversubscribed rights issue at the end of 2012 that raised $62 million.

Boodai said Jazeera’s first-quarter load factor was 70%; it is profitable when load factor is in the low-60s range.

Established in 2005, Jazeera Airways Group has a fleet of 12 fully-owned Airbus A320s; Jazeera Airways uses seven and five go to Sahaab Aircraft Leasing, which has assets placed with Virgin America, SriLankan Airlines, and Jazeera Airways.

Two further A320s are due to arrive this year, plus another in 2014. One will be put into service with the airline over the high-demand summer season.

Boodai said Jazeera expects to go back to manufacturers around the fourth-quarter of 2014 to acquire more aircraft for delivery in 2017. He did not say what was on Jazeera’s shopping list.

 

* required field

Post a comment

Other Stories
Advertisement
Latest News

Emirates Group releases environmental report

The Emirates Group, comprising Emirates airline and dnata, has today published its seventh annual Environmental Report which outlines the Group's environmental performance for the financial year 2016-2017.

Dnata successfully tests use of blockchain technology

Dnata's cargo operations, in conjunction with Emirates Innovation Lab, IBM and flydubai Cargo, has created a new value proposition for cargo service delivery through the use of blockchain technology.

Rhinestahl opens Middle East operations centre

Rhinestahl Corporation has opened its new Customer Tooling Solutions (CTS) operations centre in Dubai.

EAG's Adam Boukadida named Treasury Professional of the Year

Etihad Aviation Group (EAG) acting group treasurer Adam Boukadida has been honoured with the highest individual accolade by the Association of Corporate Treasurers Middle East.

Dubai to host Airport Show in May 2018

The18th edition of Airport Show will be held in Dubai from May 7-9, 2018.

Iraq Airports Aviation Forum to take place in April 2018

Kadhim Fenjan Al Hamami, the Minister of Transport, Republic of Iraq, has announced Iraq Airports Aviation Forum (IAAF) 2018, will take place at Karabla Terminal in Baghdad International Airport on 11-12th of April 2018.

Kuwait Aviation SK1909310118
See us at
AAS2017_BT0711061217AIME BT1204240118Aviation Africa BT18418Aviation Show 267291117Istanbul Airshow BT 2018Global Aerospace BT28218BIAS BT271017161118