Kuwaiti budget carrier Jazeera Airways has rebounded from a currency-hit beginning to the year, posting a strong second quarter with net profit up 37%.
Jazeera’s net profit of KD5.4 million ($17.6 million) helped limit the impact on its first-half performance.
Its six-month net profit of KD2.7 million was down by 56% although this included a one-time KD2.5 million foreign-exchange loss from devaluation of the Egyptian pound.
Revenues for the first half edged up to nearly KD99 million including a 6% rise in the second quarter to KD52.5 million.
Jazeera attributes this to strong demand for summer and pilgrimage travel, and points out that it overcame regional airspace issues as well as flooding at Dubai airport during the period.
First-half passenger numbers reached 2.3 million, up 5%. The carrier has 23 aircraft.
“Despite starting the year with break-even performance amid external challenges, our resilience and strategic focus have propelled us to profitability in both the second quarter and the first half of the year,” says chair Marwan Boodai.
Jazeera says the outlook for the remainder of the year “continues to be strong”, although it depends on the geopolitical situation.
Revenues and net profit from its Terminal 5 operation at Kuwait airport both improved over the first half, respectively to KD6.6 million and KD5.1 million.
