Kuwait Jazeera Airways Group today announced a net profit of KD2.6 million for second quarter of 2012, making the quarter the company’s eighth straight quarter of profitability since third quarter of 2010. 

Second Quarter (Q2)’ 2012 Financial Highlights:

• Q2’ 2012  Revenue: KD15.6 million, up 11.8% from Q2’ 2011’s KD14 million
• Q2’ 2012  Operating profit: KD4.2 million, up 49.2% from Q2’ 2011’s KD2.8 million 
• Q2’ 2012  Net profit: KD2.6 million, up 23.5% from Q2’ 2011’s KD2.1 million
• Q2’ 2012  Average yield: up 19.4% from Q2’2011

First Half H1’ 2012 Financial Highlights:

• H1’2012  Revenue: KD28.3 million, up 11.8% from H1’2011’s KD25.3 million
• H1’ 2012  Operating profit: KD6.4 million, up 39.9% from H1’2011’s KD4.6 million 
• H1’ 2012  Net profit: KD3.8 million, up 21.6% from H1’2011’s KD3.3 million
• H1’ 2012  Average yield: up 18.4% from H1’2011

Marwan Boodai Jazeera Airways group chairman said, “Our strong financial performance clearly demonstrates the agility of the company’s business model, which continues to perform despite ongoing political turmoil in our region. Our outlook for the second half continues to be positive in-line with Kuwait’s economy, which continues to witness higher incomes despite international and regional economic pressures.”

The Group’s forecasts for the rest of the year remain unchanged, as it expects a seasonal increase in demand in the third quarter, and a mild fourth quarter to close the year. 

Established in 2005, Jazeera Airways Group is a Kuwait Stock Exchange-listed with a fleet of 12 fully owned Airbus A320s, distributed between its airline business, Jazeera Airways, and its fully owned leasing-arm Sahaab Aircraft Leasing.  Sahaab has assets placed with Virgin America, SriLankan Airlines, and Jazeera Airways.