By Andy Sambidge
Airline's chairman says he is confident that business plan targets will be exceeded this year
Kuwait's Jazeera Airways said on Tuesday it was optimistic it will exceed its business plan targets this year following a record-breaking year in 2012.
Group chairman Marwan Boodai said in a statement that Jazeera had the "ideal business structure" to see another year of growth.
In 2012, the airline posted an eight percent increase in revenue of KD62.2m with net profit rising 32 percent to nearly KD14m.
"Like 2011, 2012 was another record-breaking year in every sense. This performance continued to be driven directly by a healthy, growing, profitable and sustainable airline business, and a reliable and consistent leasing business," said Boodai.
He added: "For the airline, we operate a regional network where the average flight time is 2.25 hours. This market is always in demand and has repeatedly shown it can withstand political, weather, and financial shocks.
"I am very optimistic that we will continue to witness growth and perform towards meeting and hopefully exceeding our business plan targets to the satisfaction of our stakeholders and business partners.
"Today, with the right funding in place, both the airline and leasing business lines have been successfully complementing each other for three years now. I can truly say that we have the ideal business structure as proven by the impressive results. Simply said; A bright future is awaiting us," Boodai told shareholders.
Jazeera Airways operates a network of destinations including Dubai, Bahrain, Beirut, Alexandria, Amman, Istanbul, Sharm El Sheikh, Assiut, Luxor, Mashhad, Sohag, Jeddah, Riyadh, Cairo and Al Najaf.
Established in 2005, the airline has 12 Airbus A320s in operation.
Excellent. Very impressive indeed. Hope Kuwait Airways can be made profitable under Jazeera's ownership.