Kuwait’s Jazeera Airways achieved its most profitable year ever in 2019 thanks to a surge in passenger numbers and what it described as “an aggressive cost focus”.
Operating profits for the year rose 108% to $46.6 million while net profits were $48.9 million, up 124% compared to the previous year.
Operating revenues increased 26% to over $340 million and load factor rose more than 2% to 77.5%.
The airline reported a 20.6% increase in number of passengers, reaching 2.4 million.
In Q4, Jazeera made a loss of around $4 million compared to a near $6 million loss in the same period in 2018. Passenger numbers in the final quarter rose by 28.5%.
Jazeera Airways’ chairman, Marwan Boodai, said: “We are proud to be announcing our best set of operating results in the airline’s history.
“The significant leap in profitability is the result of profitable growth coupled with an aggressive cost focus.
“Our airline continues to grow and expand its footprint in the Middle East, Europe and Asia, while our Jazeera Terminal T5, which is the only example of an airline-owned terminal in the region, significantly contributed to the strong results.”
Jazeera received three new A320neos in Q4, bringing its total fleet size to 13 Airbus jets. It expects to receive a further five A320s in 2020.
The budget outfit is also exploring the potential of low-cost long-haul flights to European destinations using its A320s.