By Sam Bridge
Airline says net profit jumps by 124% in 2019 on the back of a surge in passenger numbers
Kuwait-based Jazeera Airways on Tuesday announced an annual net profit of KD14.9 million ($48.9 million), up 124.1 percent compared to the previous year, supported by a surge in passenger numbers.
The airline reported a 20.6 percent increase in number of passengers, reaching 2.4 million, and a 25.9 percent increase in operating revenue to KD103.7 million.
The airline also registered an increase in operating profit by 108.7 percent to KD14.2 million, a 2.3 percent increase in load factor to 77.5 percent.
In the last quarter of the year, the company reported a net loss of KD1.2 million, up from a net loss of KD1.8 million in Q4 2018, while passenger numbers increased by 28.5 percent.
Jazeera Airways chairman, Marwan Boodai, said: “We are proud to be announcing our best set of operating results in the airline’s history. The significant leap in profitability is the result of profitable growth coupled with an aggressive cost focus.
"Our airline continues to grow and expand its footprint in the Middle East, Europe and Asia, while our Jazeera Terminal T5, which is the only example of an airline-owned terminal in the region, significantly contributed to the strong results."