Jazeera Airways Group today announced strong third quarter bottom line profit of KD 4.4 million, making the quarter its best performing quarter since establishment in 2005.
Jazeera Airways Group Chairman Marwan Boodai said "This quarter's results are the direct outcome of the initiatives we've put in place since the beginning of the year, starting with the 100% acquisition of Sahaab Aircraft Leasing in February and the introduction of the Turn-Around Plan (TAP) in May.
"TAP was a plan to reduce our costs, to optimize our network, and to ensure we operate just the right fleet size for our market given the overcapacity we've seen dumped in our market over the last year and beginning of this year. The acquisition of Sahaab perfectly complemented this plan by providing us a vehicle to place excess aircraft on long-term leases with world-class carriers. This successfully introduced a new revenue stream for the company. Together, these initiatives successfully put the airline back on the road to profitability, as today we operate a profitable airline business and a profitable aircraft leasing business. The fact that Jazeera Airways Group owns its entire fleet made this possible."
Boodai added: "Today, we are operating the right fleet size on profitable routes, our commitment to our passengers is to provide them the best value fares at the highest operational standards on all routes we operate and our commitment to our employees and shareholders is to work towards achieving consistent profitability before growth."
With the introduction of TAP, Sahaab accessed global leasing markets and placed four Airbus A320s on long term lease with Virgin America, while Jazeera Airways has been capturing a leading market share month on month on all of the routes it operates, with the exception of its destinations to Saudi Arabia where it is restricted to a lower seat capacity compared other airlines.