Jazeera Airways Group posts net profit of KD10.6m for FY 2011


07/03/2012 06:56 AST  Kuwait Times

Jazeera Airways Group yesterday announced its financial results for full year 2011, reporting a record KD10.6 million in net profit for the year with an earnings per share of 0.048 fils, a record KD57.8 million in revenue for the year, up 36% from last year, and a record KD14.9 million in operating profit for the year.

The results reflect the success of the company’s Turn-Around Plan implemented in second quarter 2010 and steered the company into continued profitability for the last six quarters, five of which had realized record-breaking earnings.

The company also announced its fourth quarter 2011 results, reporting a net profit before tax of KD1.4 million and revenues of KD13.3 million.

Established in 2005, Jazeera Airways Group is a Kuwait Stock Exchange-listed company with over 12,000 shareholders. The company has a fleet of 12 fully-owned Airbus A320s, evenly distributed between its airline business, Jazeera Airways, and its leasing-arm Sahaab Aircraft Leasing. Sahaab has assets placed with Virgin America, Sri Lanka Airlines, and Jazeera Airways.

Jazeera Airways Group Chairman Marwan Boodai said, “The year 2011 was a record-breaking year despite the continued over capacity, the impact of political unrest on travel within our network, and an increasing fuel cost. Jazeera Airways today has a solid network, increasing load factors, reduced cost, and high aircraft utilization, in addition the aircraft leasing arm has assets deployed across the globe, from the US to the Middle East to Asia. Jazeera Airways Group today has a sustainable business model that has generated sustainable profitability quarter-on-quarter for six quarters in-a-row.”

2011 in review

Speaking to investors and analysts in a webcast held today to announce FY2011 results, Boodai gave an overview of the company’s focus areas and milestones in 2011. He said, “We had three priorities in 2011. First, building on the momentum of record-breaking returns seen in Q3 and Q4 2010.Second, successfully mitigating the impact of the political unrest on the business. And third, capturing a strong market share on the Cairo-Kuwait route that was launched in May 2011.”

Boodai said, “2011 was a challenging year but a record-breaking year as well for Jazeera Airways. Our priorities for 2012 are to grow load factor while maintaining high yields and we believe we will be able to achieve this goal because we have the right network with the right capacity, the right product for our market, and a tried and tested team that has successfully navigated the company through the last two years with flying colors.”

2012 Outlook

The company’s outlook for 2012 continues to be positive in-line with a growing Kuwaiti economy, which continues to witness higher incomes despite international and regional economic pressures. Boodai said, “The year 2011 witnessed varying external challenges, from multiple revolutions taking place in our network to fuel price hikes at both ends of the year, despite that 2011 was a record-breaking year for us. As the region returns to calm we look forward to the continuation of our strong performance.”

Jazeera Airways - JAZEERA
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | News Archive
Most Viewed Companies
Ticker Price Volume
STC 64 490,732
SAGRINSURANCE 31.11 771,290
SAICO 49.68 799,123
SABIC 83.58 3,871,845
RIBL 17.09 1,801,948
ALMARAI 88.66 230,965
SPIMACO 41.41 381,656
Recent News

US index at peak, European stocks extend gains on Greece, Fed
European stocks extended gains for a sixth day to its highest level in seven years, and US indexes recovered to hit another record after Greece proposed a list of reforms to euro group and Federal Re

Afriland First Bank officially launches Islamic finance in Cameroon
At an event held at the Hilton Hotel in Yaounde, Cameroon, on 20 February, Afriland First Bank unveiled its suite of Islamic finance products.

For more than 10 years, First Bank has been a

Once-bullish fund managers start to capitulate on oil prices
Last fall, when the price of oil started dropping, fund manager Craig Hodges figured crude would rebound in 2015 and began buying shares of companies he thought would be unfairly hit, including const

Dollar still falls and euro to Azerbaijani manat rises
The Central Bank of Azerbaijan has allowed decreasing the exchange rate of the US dollar and increasing the rate of euro and other soft currencies.

The CBA informs that on 29 March 2015 th

DFM stocks lifted as Yemen fears subside
Stocks in Dubai rose on Sunday as investors’ concerns about an escalation of the conflict in Yemen diminished.

Arabtec, the UAE’s biggest publicly traded construction company, and Dubai Fi

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Which of the following do you think is the best long-term investment?