By Shane McGinley
Kuwait-based, no frills carrier posts US$26.9m profit; ninth quarter of profit in row
Kuwait-based Jazeera Airways Group reported a net profit for the third quarter of 2012 of KWD7.6m (US$26.9m), up 24.6 percent compared to the same quarter last year.
Operating revenue for the quarter rose 5.9 percent year-on-year to KWD20.4m, pushing total revenue for the first nine months of 2012 to KD48.7m, up 9.3 percent from the same period in 2011.
“We just closed our best quarter ever on the heels of eight straight quarters of profitability,” said Jazeera Airways Group Chairman Marwan Boodai.
“Two years ago we were a turn-around story, last year we were a sustainable profit story, and today Jazeera Airways is clearly a profit-growth story,” he added, putting the results down to the success of the company Strategic Master Plan (STAMP).
STAMP was put in place in 2012 and runs until 2014. The carrier said it expects to have a “mild” fourth quarter.
Established in 2005, Jazeera Airways Group is a Kuwait Stock Exchange-listed company with a fleet of 12 fully-owned Airbus A320s, distributed between its airline business Jazeera Airways and its leasing-arm Sahaab Aircraft Leasing.
The news comes as data from the International Air Transport Association (IATA) reported Middle East carriers saw by far the strongest passenger traffic growth in September, with demand up 13.3 percent year-on-year.
give the kuwait airways and lets see what they can do
Much better than the existing management