Airline records an operating revenue of KD14.3 million in Q1 2018

Marwan Boodai

KUWAIT: Jazeera Airways yesterday announced its financial results for the first quarter of 2018. The results showed double digit growth in both revenue and flown passengers, in addition to a significant improvement in the bottom line. The airline recorded an operating revenue of KD14.3 million, up 42.7 percent from Q1 2017, and a net result of KD -0.3 million, an improvement of KD 0.636 million from Q1 2017. Jazeera Airways' improved operational and financial performance were a result of the significant investments in customer experience enhancement, new routes launches, and higher asset utilization in 2017. The company had registered a net profit of +KD8.2 million for the year 2017.

Q1 2018 Financial and Operational Highlights

Operating revenue: KD14.3 million, up 42.7 percent from Q1 2017

* Operating profit/(loss): (KD0.46 million), an improvement of KD0.572 million from Q1 2017

* Net profit / (loss): (KD0.3 million), an improvement of KD 0.636 from Q1 2017

* Passengers: 403,863, up 43.1 percent from Q1 2017

* Fleet utilization: 11.8 hours, up 25.7 percent from Q1 2017

* Load factor: 75.8 percent, up 5.4 percent from Q1 2017

Jazeera Airways Chairman Marwan Boodai said, "Despite the first quarter being a low travel season historically, we saw a 43.1 percent increase in flown passengers this year, a 42.7 percent growth in topline earnings, and significant improvement in our bottom line earnings. The Board is pleased to see the efforts and investments throughout 2017 are creating a positive impact as early as the first quarter of 2018. Looking ahead, the rest of the year is looking incredibly exciting for our business with our very own dedicated terminal coming on-line in mid-May, in addition to new routes, and new additions to the fleet".