Kuwaiti budget carrier Jazeera Airways has turned in strong full-year results, more than doubling its operating and net profits.
The carrier states that its operating profit reached KD14.2 million ($46.6 million) while its net profit rose to KD14.9 million.
It attributes the performance to a near-21% hike in passenger numbers generating a 26% rise in revenues to KD104 million.
Jazeera chairman Marwan Boodai says the airline has coupled the revenue increase with an “aggressive” focus on costs.
Although it opened eight new routes last year and introduced three more Airbus A320neos to its fleet, Jazeera credits its profitability partly to its new Kuwait terminal – owned by the airline.
The terminal generated an operating profit of KD1.2 million last year.
Jazeera has 13 aircraft in its fleet including four A320neos and nine A320s. Five more A320neos are set to be delivered in 2020, it says.
It adds that it reached an agreement with Airbus in November last year covering component support for up to 29 Airbus jets, as well as a deal with CFM International for support of Leap-1A engines on at least 20 A320neos plus five spare powerplants.