Mubasher: Jazeera Airways’ net profits leaped by 124.1% on an annual basis in the fiscal year ended 31 December 2019 to reach KWD 14.9 million.

The increased profit was backed by a 20.6% rise in the number of passengers at 2.4 million as well as a higher operating revenue by 25.9% at KWD 103.7 million, according to a press release on Tuesday.  

Over the fourth quarter (Q4) of last year, the Kuwaiti airline’s net loss decreased to KWD 1.2 million, including a profit from the sale of an engine, when compared to KWD 1.8 million in the same quarter in 2018.

In the meantime, the number of passengers jumped by 28.5%, while operating revenue rose by 11.8% to stand at KWD 20.9 million. 

Aircraft utilisation stood at 13.8 hours during Q4 of last year, compared to 13.3 hours in full fiscal year.

The company’s board of directors, moreover, proposed a dividend distribution of 67.5% of share capital, equivalent to 67.5 fils per share.

Commenting on the results, Jazeera Airways’ chairman, Marwan Boodai, said: “The significant leap in profitability is the result of profitable growth coupled with an aggressive cost focus." 

“We look forward to continuing our expansion in the coming years with a focus in our home region, the Middle East, Europe and Asia. The expansion will be supported with a growing fleet and a customer-centric offering in which our customers choose to fly the way they prefer,” he concluded.