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Tue 31 Oct 2017 03:50 PM

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Kuwait's Jazeera sees 35% jump in profit despite rise in fuel costs

Airline chairman also says exclusive terminal at Kuwait Int'l to accept first passengers in early 2018

Kuwait's Jazeera sees 35% jump in profit despite rise in fuel costs

Kuwait-based Jazeera Airways on Tuesday announced a net profit of KD8.2 million ($27.1 million) in the third quarter of 2017, up 35.6 percent compared to the year-earlier period despite a 25 percent increase in fuel costs during for the year.

Jazeera’s double digit growth for two quarters in-a-row was driven by new route launches, a healthy summer season, investments in customer experience, and robust cost management, the airline said in a statement.

It added that revenue rose by more than 16 percent to KD21.9 million, while load factor was 80 percent, up 13.4 percent over Q3 2016.

Jazeera Airways chairman Marwan Boodai said: “Over the last two years we’ve invested heavily into initiatives to enhance and streamline our customers’ experience, both on ground and in the air.

"Today, with our second consecutive quarter of double digit growth we are beginning to see the positive returns of these investments on our bottom line."

The airline plans to launch five new destinations in November and December, while continuing to develop an exclusive terminal at Kuwait International Airport which aims to accept first passengers in Q1 2018.

"Our outlook for the last quarter of the year is in line with historic Q4 trends for the regional travel sector, when we typically see demand picking up towards the second half of December," he added.

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