- Net profit of KD3.6 million, up 229.4%
- 11 consecutive quarters of profitability
Freedom Town, Kuwait – April 24, 2013: In a webcast attended by local and international analysts, Jazeera Airways Group today announced a record net profit of KD3.6 million for Q1 2013, making the quarter the Group’s 11th straight profitable quarter and its tenth record breaking quarter since Q3 2010.
Q1 2013 Highlights ________
- Revenue: KD14.7 million, up 15.7% from Q1’12’s KD12.7 million
- Operating profit: KD4.5 million, up 99.5% from Q1’12’s KD2.3 million
- Net profit: KD3.6 million, up 229.4% from Q1’12’s KD1.1 million
- Flown passengers: 5% increase from Q1 2012
- Load factor: 70%, up 15.2% from Q1 2012
*Percentages shown are calculated based on the absolute results, not the displayed rounded figures.
Q1 2013 Balance Sheet ________
- Hard assets of KD145 million
- Cash reserves of KD45 million, exceeding equity
- Equity improved by KD35 million since Q1 2012
- Rights issue executed and completed in Q4 2012, raised the target of KD17.8 million with an oversubscription of 2.25 times
Jazeera Airways Group Chairman Marwan Boodai said, “These exceptional results were generated by our airline business, which saw an increase in passenger loads and a full recovery from the three Syrian destinations that were suspended by Q4 2012”.
The results were also driven by a 5% increase in passengers from Q1 2012, and a 15.2% increase in load factors from the same period last year. Jazeera Airways operated the quarter with an average load factor of 70%.
Boodai said, “All these factors combined in our airline business, coupled with the ongoing success of our independent aircraft leasing business, have resulted in our best first quarter results in the history of the Group”.
Second Quarter and Full Year Outlook
The company’s outlook for 2013 continues to be positive in-line with a growing Kuwaiti economy, which continues to witness higher incomes despite international and regional economic pressures. The company’s forecasts remain unchanged and expect a mild second quarter, a seasonal increase in demand in the third quarter, and a mild fourth quarter to close the year.
Established in 2005, Jazeera Airways Group is a Kuwait Stock Exchange-listed with a fleet of 12 fully-owned Airbus A320s, distributed between its airline business, Jazeera Airways (seven aircraft), and its fully-owned leasing-arm Sahaab Aircraft Leasing (five aircraft). Sahaab has assets placed with Virgin America, SriLankan Airlines, and Jazeera Airways.
Jazeera Airways is based in Kuwait and operates a network comprising high-demand business, leisure, family, and weekend destinations such as Dubai, Bahrain, Beirut, Alexandria, Amman, Istanbul, Sharm El Sheikh, Assiut, Luxor, Mashhad, Sohag, Jeddah, Riyadh, Cairo and Al Najaf.