Jazeera Airways Group announces first-half earnings
In a webcast attended by local and international analysts, Jazeera Airways Group has announced a record net profit of KD3.9 million for the second quarter of 2013.
The company had previously announced a record net profit of KD3.6 million for the first quarter.
Jazeera Airways Group’s record H1 earnings bolster the company’s track-record of 12 straight quarters of profitability. The company witnessed record profitability in 11 of 12 quarters.
H1 2013 Highlights ________
● Revenue: KD30.8 million, up 9% from H1 2012
● Operating profit: KD9.5 million, up 48% from H1 2012
● Net profit: KD7.5 million, up 95% from H1 2012
● Flown passengers: up 4.1% from H1 2012
● Load factor: 70%, up 11.9% from H1 2012
*Percentages shown are calculated based on the absolute results, not the displayed rounded figures.
H1 2013 Balance Sheet ________
● Hard assets of KD145 million
● Cash reserves of KD47 million, exceeding equity
● Equity improved by KD37 million since Q2 2012
Jazeera Airways group chairman, Marwan Boodai, said: “We started the year with the objective of building on last year’s momentum, and we’ve been successful so far as reflected in the first half financial, operational, and commercial results. We’ve carried more passengers than the same period of last year, with the average load factor exceeding targets while maintaining operational excellence. All together, this culminated in the impressive H1 results that were announced today. Our job is far from over and the team is working hard on closing yet another record-breaking year.”
Jazeera Airways operated the first half of the year with an average load factor of 70% and carried 4.1% more passengers than the same period last year.
In the last six months, Jazeera Airways Group secured funding for the three remaining aircraft on an order of 15 A320s. The structured loan was led by Kuwait’s NBK and DVB Bank SE. As a result of the loan, the company has secured its financial commitments for the next two years.
In June, Jazeera Airways Group received a new Airbus A320 from the manufacturer. To date, Jazeera Airways Group has taken delivery of 13 Airbus A320s since 2005, as part of an order for 15 aircraft of the same type. The remaining two aircraft of the order are scheduled to be delivered in October 2013 and May 2014.
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