Jazeera Airways Group announces H1 2014 results

Freedom Town, Kuwait – July 23, 2014: Jazeera Airways Group today announced financial and operational results for the first half of 2014, reporting an operating revenue of KD29.3 million, and a net profit of KD4.9 million.

Q2 2014 Highlights

  • Operating Revenue: KD15.5 million, down 3.7% from Q2’13
  • Operating profit: KD3.6 million, down 27.9% from Q2’13
  • Net profit: KD2.8 million, down 28.3% from Q2’13
  • Hard assets of KD165 million
  • Equity improved by KD7 million since Q2 2013

H1 2014 Highlights

  • Operating Revenue: KD29.3 million, down 4.9% from H1’13
  • Operating profit: KD6.4 million, down 32.5% from H1’13
  • Net profit: KD4.9 million, down 34.7% from H1’13

Jazeera Airways Group Chairman, Marwan Boodai, said, “The Group’s performance in the  year’s first two quarters continues to be in line with our projections, and though the earnings were lower than last year’s exception results due to external factors such as a 10% rise in fuel cost and flight re-routing due to regional unrest, the earnings were the second highest earnings in the company’s history.”

Boodai added, “This year is shaping up to be another milestone year for the Group. In the last six months, the Group received a brand new Airbus A320 from the manufacturer, and leased two aircraft to Tap Portugal, its first customer in Europe. Furthermore, in June, Jazeera Airways launched four exclusive and dedicated gates, making it the only airline in Kuwait with gates that are exclusive to its customers.”

The dedicated gates, which are equipped with two state-of-the-art bridges, are strong product differentiators and enabled Jazeera Airways to offer a better, easier, and more streamlined boarding experience for customers. Today, Jazeera Airways passengers are the only passengers in Kuwait who have access to booking with their mobile phone, checking-in online or in person using the airport kiosk, boarding through exclusive gates and state-of-the-art bridges, and fly on brand new aircraft.

H1 2014 Business Highlights

In the first half of the year, Jazeera Airways upgraded its Istanbul route by operating to and from the city’s primary airport, Istanbul Atatürk Airport (IST), with five flights a week, instead of flying to Sabiha Gökçen International Airport (SAW), to which the airline has served since 2008. The move to Istanbul Atatürk Airport bolstered the route by offering customers better flight schedules to an airport that is at the heart of the city.

The airline also increased flights to Al Maktoum International Airport at Dubai World Central (DWC) to daily flights, as of May 1st, 2014  The service complemented daily flights to Dubai International Airport (DXB).

Jazeera Airways Group is a Kuwait Stock Exchange-listed company with a fleet of 15 A320s, through its wholly-owned leasing-arm Sahaab Aircraft Leasing. Sahaab has assets placed with Virgin America, SriLankan Airlines, Flynas, TAP Portugal and Jazeera Airways.

Jazeera Airways (the airline) operates seven Airbus A320s with a two-class cabin comprising a Business Class and an Economy Class. Business Class travelers get both an upgraded experience and exclusivity, starting with exclusive check-in lines, business lounge access, up to 60 kilograms in free baggage allowance, and an exclusive on-board cabin. The airline’s Economy Class offers travelers free baggage allowance of 40 kilograms and free on-board meals with a changing menu every month.

Jazeera Airways is based in Kuwait and serves 20 popular destinations in the Middle East from Kuwait 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.