Jazeera Airways posts Kuwaiti dinar 16.7m net profits 2013

Jazeera Airways Group, the Kuwaiti leading private low-fare airline, has posted a net profit of KD 16.7 million for 2013, beating once again previous years' record earnings for three years in a row despite ongoing regional political unrest and fuel price volatility. "The year 2013 was an eventful year," Jazeera Airways Chairman Marwan Boodai said in a press statement Tuesday. "In addition to sustaining good results for three years in a row, we were able to secure our funding for three aircraft, essentially closing our lending requirements for two years, we were able to reduce the Group's debt to equity ratio from 1.7 in 2012 to 1.4 in 2013, and to close the year with the best performance in the Group's history." He pointed out that the group's operating revenues in 2013 reached KD 65.6 million, up 4.7 percent from KD 62.6 million in 2012. He estimated the operating profits at KD 20.5 million in 2013, up 11.4 percent from KD 18.5 million in 2012. Moreover, Boodai said that the average yield on each seat of the airline aircraft fleet jumped by 5.1 percent vis-a-vis that of 2012. With regard to the Group's performance in the fourth quarter of 2013, Boodai stated the operating revenues have amounted to KD 14.8 million, up 5.9 percent against the corresponding period of 2012. The operating profits grew to KD 3.4 million compared with KD 3.3 million a year earlier. The net profits hit KD 2.6 million, up four percent versus that of the fourth quarter of 2012, Boodai unveiled. Earlier today, the company's Board recommended cash dividend to shareholders of 15 fils per share, which will be reviewed in the AGM that is due to be held in the next weeks. On the Key developments in 2013, Boodai stated that the Group has secured funding for the three remaining aircraft on an order of 15 A320s. "Jazeera Airways Group received two brand new Airbus A320 from the manufacturer." Established in 2005, Jazeera Airways Group is a Kuwait Stock Exchange-listed company. The company has 14 fully-owned Airbus A320s in operation, distributed between its airline business, Jazeera Airways (eight aircraft), and its fully-owned leasing business, Sahaab Aircraft Leasing (six aircraft). Sahaab has assets placed with Virgin America, Sri Lankan Airlines, Nasair and Jazeera Airways.