Jazeera Airways increased its net profit for the first nine months of 2019, as the hybrid carrier said it continues to expand its network based on “solid” operations.
The Kuwait-based airline reported a KWD16.1 million ($53 million) net profit, up 90.2% from KWD8.5 million in the year-ago period. Revenue rose 30% to KWD82.8 million and operating profit increased 90.5% to KWD17 million. Passenger numbers grew 18.1% to 1.8 million.
“Jazeera Airways maintains its strong financial position supported by a solid operational model as it continues to expand,” Jazeera Airways chairman Marwan Boodai said.
For the third quarter, the LCC reported a net profit of KWD9.9 million, up 40.6% year-over-year (YOY) from KWD7 million, and 14.3% growth in passengers to 703,378. Load factor rose 0.7 points to 80.7%.
Operating revenue increased 21.4% to KWD35.5 million and operating profit rose 37.6% to KWD10.5 million in the quarter.
“We’re investing in new cost-saving initiatives and continue to target new destinations that serve the growing segments of passengers within our network,” CEO Rohit Ramachandran said.
Jazeera Airways will take delivery of two additional Airbus A320neos by the end of the year.
Following the Nov. 3 launch of flights to London Gatwick Airport and to Osh (Kyrgyzstan), the airline is preparing to expand its network to Kathmandu (Nepal), Karachi (Pakistan), Chittagong (Bangladesh), Al Ain (UAE), and Dammam and Abha (Saudi Arabia).
Jazeera Airways flies to 30 destinations across the Middle East, India and Europe, with a fleet of nine A320s and two A320neos.