Kuwait’s Jazeera Airways Group reported net profit for 4Q2012 soared 93 percent, compared to the same period in 2011, and the company is planning to capitalise on this growth by adding two new aircraft to its fleet this year.
Financial results issued on by the low-cost carrier on Wednesday reported revenue in the fourth quarter of last year rose 5 percent to KWD13.9m (US$49.3m), compared to KWD13.3m in the same period in 2011. As a result, overall net profit was up 93 percent year-on-year to KWD2.5m.
On a yearly basis, group revenue for the year was up eight percent to KWD62.6m and net profit for the year was up 32 percent to KWD13.9m. The results are the result of the Group’s Strategic Master Plan (STAMP), which was launched in 2012 and will continue into 2014.
“Like 2011, 2012 was another record-breaking year in every sense. Today we have one of the healthiest balance sheets in the region that is also cash-rich with KWD47m,” said Jazeera Airways Group Chairman Marwan Boodai.
One of the highlights of the year was restarting of commercial flights between Kuwait and Iraq after a 22 year absence. The carrier also received one new aircraft, financed with backing from European Export Credit Agency, but this is set to continue in 2013 with the delivery of two more aircraft.
“Our outlook for 2013 is positive as we plan to receive two additional aircraft during the year, bringing our fleet to 14 aircraft as we capitalize on demand in the existing network,” Boodai added.
Last month, Jazeera Airways raised its capital by 74 percent to KWD42m by issuing 178m shares, each priced at 100 fils.
Jazeera Airways currently has 14 aircraft and operates routes to Dubai, Bahrain, Beirut, Alexandria, Amman, Damascus, Istanbul, Sharm El Sheikh, Assiut, Luxor, Mashhad, Sohag, Jeddah, Riyadh, Cairo and Al Najaf.