Jazeera Airways announces record performance in second quarter 2011

Jazeera Airways Group had registered KD 4.4 million in net profit for the third quarter (Q3) of 2010, KD 2 million in net profit for the fourth quarter (Q4) of 2010, KD 1.1 million in net profit for the first quarter (Q1) of 2011. 

Jazeera Airways Group Chairman Marwan Boodai told analysts, “Our continued record-performance is a direct result of the business-enhancement measures we’ve put in place since mid-2010 as part of the Turn-Around Plan.  In addition to reducing cost, the Turn-Around Plan brought more flexibility and efficiency to the business for the long-term. Jazeera Airways Group comprises an aircraft leasing business with assets deployed across the world, and a commercial airline business serving 18 destinations across the Middle East.  The results we’ve announced today reflect the consolidated earnings of both business lines”. 

About the group’s Turn-Around Plan: Since inception in late 2005, Jazeera Airways Group has been profitable every year until 2009, when it registered a net loss for the first time ever due to the overcapacity that was dumped in the market by existing government airlines and new players as well. The Turn-Around Plan was created as a direct response to this situation and aimed at solving this external challenge by resizing its own operations internally, and to ultimately bring the Group back to profitability.

 Implemented in May 2010, the Turn-Around Plan included asset redeployment, staff reductions, rigorous cost management, network/market alignment and enhanced commercial offering, which were rolled over the several months that followed.