By Andrew White at the WEF
WEFME: Kuwaiti budget carrier eyeing revenue growth of at least 50%, chief says.
Kuwaiti budget carrier Jazeera Airways expects to post revenues of at least 52.05 million Kuwaiti dinars ($195.4 million) this year, its chairman and CEO told magazine Arabian Business on Monday.
“We expect revenue growth of at least 50% this year," Marwan Boodai said, speaking on the sidelines of the World Economic Forum (WEF) on the Middle East in Sharm El-Sheikh, Egypt.
The airline, which is listed Kuwait Stock Exchange, saw operating revenues rise 61.2% to 34.7 million dinars in 2007, while net profit for the year was 2.29 million dinars.
Revenues last year were boosted by doubling of passengers year-on-year and a 12% rise in load factors over the same period.
Jazeera said on Sunday first quarter rose 42% over the year-ago period to 745,815 dinars, while operating revenues increased 46% to 10.8 million dinars over the same period.
Jazeera Airways operates a fleet of six Airbus A320s from hubs in Kuwait and Dubai to destinations across the Middle East, Europe, Iran, North Africa, and the Indian Subcontinent.
The airline has a firm order for 34 additional aircraft to be delivered over the coming years with the last fleet installment scheduled for delivery in 2014.