Jazeera Airways reports an 11.2% drop in net profit for the first nine months of 2018
Kuwait-based Jazeera Airways on Wednesday announced an 11.2 percent drop in net profit to KD8.5 million for the first nine months of 2018, despite a 38.4 percent growth in operating revenue.
The airline also reported a 44.5 percent growth in number of passengers to 1.5 million in comparison to the same period last year.
Load factor was 76.8 percent, up from 75.5 percent in the nine-month period in 2017.
The airline also reported a 14.1 percent drop in Q3 net profit while operating revenue rose by 31.7 percent compared to the year-earlier period,
Jazeera Airways chairman, Marwan Boodai, said: “Operationally, fuel prices continued to increase in Q3, rising by 35 percent from Q3 2017, and the competitive landscape remained strong. However, despite these challenges, our investments in expanding our offering and network continued to yield positive results.
“We ended the third quarter with zero debt. We tapped into a new segment of customers by launching new destinations to the Indian subcontinent, Tbilisi and Medinah, all while enhancing the travel experience through our dedicated terminal at Kuwait International Airport, the first passenger terminal owned by an airline in the Middle East.”
The new dedicated terminal has carried 795,218 passengers since its inauguration while the Duty Free operations began last month.
Boodai added: “In the last quarter of the year, demand is expected to pick up during the end of year seasonal holidays in line with travel trends. Jazeera Airways also prepares to launch a new route ahead of the travel season, serving the Indian capital, New Delhi, while new retails offerings continue to open at our dedicated terminal.”
Jazeera Airways flies to 26 destinations across the Middle East, India and Europe and operates a fleet of Airbus A320s and an Airbus A320neo.