Jazeera Airways reports record Q2, H1 earnings

In a webcast attended by local and international analysts, award winning Jazeera Airways Group has announced a record net profit of KD 2.6 million for Q2, 2012, making the quarter the company's eighth straight quarter of profitability since Q3 2010.
Q2' 2012 Financial Highlights: Revenue KD15.6 million, up 11.8 percent from Q2 2011's KD 14 million; operating profit KD 4.2 million, up 49.2 percent from Q2, 2011's KD 2.8 million; net profit KD 2.6 million, up 23.5 percent from Q2 2011's KD2.1 million; average yield up 19.4 percent from Q2'11.
H1 2012 financial highlights: Revenue KD 28.3 million, up 11.8 percent from H1 2011's KD 25.3 million, operating profit KD 6.4 million, up 39.9 percent from H1 2011's KD 4.6 million, H1 2012 net profit KD 3.8 million, up 21.6 percent from H1 2011's KD 3.3 million, average yield up 18.4 percent from H1 2011.
The results reflect the ongoing success of the group's Strategic Master Plan (STAMP). STAMP is a business plan for the years 2012 to 2014 and follows the success of the group's Turn-Around Plan (TAP) that brought the company back to profitability and was in effect from Q2 2010 to end of 2011.
Jazeera Airways Group Chairman Marwan Boodai 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. Operationally, Jazeera Airways' OTP for the second quarter was 94.21 percent, as measured by the US-based global OTP tracker FlightStats.