Jazeera Airways Q2 profit hits record $9m
Kuwait, July 31, 2012
The second quarter (Q2) revenue rose to KD15.6 million, up 11.8 per cent from the corresponding period of 2011, while the operating profit reached KD4.2 million, up 49.2 per cent from Q2 of 2011.
The results reflect the ongoing success of the Group’s Strategic Master Plan (STAMP), said Jazeera Airways Group chairman Marwan Boodai.
STAMP is a business plan for the years 2012 to 2014 and follows the success of the Group’s Turn-Around Plan (TAP) that brought the company back to profitability and was in effect from Q2 2010 to end of 2011.
“Our strong financial performance clearly demonstrates the agility of the company’s business model, which continues to perform despite ongoing political turmoil in our region. Our outlook for the second half continues to be positive in-line with Kuwait’s economy, which continues to witness higher incomes despite international and regional economic pressures,” Boodai said.
The Group’s forecasts for the rest of the year remain unchanged, as it expects a seasonal increase in demand in the third quarter, and a mild fourth quarter to close the year.
Operationally, Jazeera Airways’ OTP for the second quarter was 94.21 per cent, as measured by the US-based global OTP tracker FlightStats, who also placed the airline among the top ten on-time performers worldwide for the same period.
Previously, FlightStats had also ranked Jazeera Airways as the leading airline in OTP in the Middle East in the first quarter of 2012 and in all of 2011 as well. – TradeArabia News Service