Kuwait's Jazeera Airways has reported a full-year net profit of KD10.6 million ($38.1 million) for 2011, compared to the KD2.8 million net loss incurred in 2010.
The carrier's operating profit grew to KD14.9 million from KD1 million in 2010.
Revenue increased by 36% year-over-year to KD57.8 million.
"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," says Jazeera chairman Marwan Boodai.
"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's results include figures from the group's aircraft leasing operation, Sahaab, which it acquired in 2010. However, Jazeera does not provide a breakdown for the respective figures.