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


07/03/2012 06:56 AST

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.”

Kuwait Times
Jazeera Airways - JAZEERA
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | News Archive
Most Viewed Companies
Ticker Price Volume
SIPCHEM 16.2 304,961
QNBK 147 369,995
SABIC 96.25 2,228,858
ALINMATOKIO 17.1 113,058
RIBL 10.35 526,373
SAGRINSURANCE 37.7 354,464
NBK 670 3,211,428
Recent News

China's Sinopec Says Saudi Aramco Invited It to Be Investor
China Petroleum & Chemical Corp. said it was invited to invest in Saudi Arabian Oil Co. as part of what could be the world’s biggest-ever initial public offering.

Talks are ongoing between

DIB launches Panin Dubai Syariah Bank in Indonesia
Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, has celebrated the launch of Panin Dubai Syariah Bank in Indonesia.

Following regulatory approvals in 2015, Dubai Islamic Ban

Heavy selling in banking shares drag Oman index lower
ividend adjustment in National Bank of Oman (NBO) along with foreign selling in banking stocks dragged down the MSM30 Index by 0.89 per cent before closing at 5,603.80 points. The MSM Sharia Index cl

Qatar wealth fund CEO sees Brexit investment opportunities
Qatar’s $335bn sovereign wealth fund sees opportunities to invest in Britain after Brexit and is looking at infrastructure, healthcare and technology, the fund’s head told a London conference yesterd

Bank interest rates in Oman rise on tight liquidity
Oman's bank interest rates have shown a substantial year-on-year increase due to the tight liquidity situation in the financial system.

According to the latest monthly statistics released

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

Poll

Looking ahead, what change you are more likely to make in investing in your domestic stock market?