By Andy Sambidge
Airline announces net profit of $28m in Q3 while number of passengers flown rises by more than 10%
Jazeera Airways Group on Wednesday announced a record net profit of KD8.1 million ($28 million) for the third quarter of 2014, up 22.6 percent on the year-earlier period, making it the company’s best quarter in history.
Operating revenue for the quarter totalled KD23.1 million, up 15.2 percent on Q3 2013 while the number of passengers flown grew by more than 10 percent, the Kuwait-based airline said in a statement.
It added that operating revenue for the first nine months of 2014 rose to KD52.4 million, up 3.1 percent while net profit fell nearly eight percent to KD13 million.
Jazeera Airways Group chairman Marwan Boodai said: “Despite the continued political unrest in several areas of our network, the company managed to deliver the best earnings in the history of our nine-year old airline.
"That’s not to say that Jazeera Airways wasn’t impacted by the rise of hot spots in our region. In fact, like many of our peers, some of the destination flights paths had to be rerouted to ensure the safety of our passengers and crews, and that resulted in more flying hours."
In June, the airline launched four exclusive and dedicated gates, making it the only airline in Kuwait with gates that are exclusive to its customers.
Jazeera Airways also upgraded its Istanbul route by operating to and from the city’s primary airport, Istanbul Atatürk Airport, with five flights a week, instead of flying to Sabiha Gökçen International Airport.
Jazeera Airways Group is a Kuwait Stock Exchange-listed company with a fleet of 15 A320s and serves 20 destinations in the Middle East such as Dubai, Bahrain, Beirut, Alexandria, Amman, Istanbul, Sharm El Sheikh, Assiut, Luxor, Mashhad, Sohag, Jeddah, Riyadh, and Cairo.