Jazeera Airways Group has posted a record net profit of KD7.6 million for Q3 2012, which makes the quarter the company's best quarter in history and its ninth straight quarter of profitability since Q3 2010.
For the third quarter, operating revenue was KD20.4 million, up 5.9% compared to the same period in 2011. Operating profit rose by 17.9% to KD8.8 million; net profit was up 24.6% to KD7.6 million, with average yield rising by 9.5%.
For the first nine months of 2012, Jazeera Airways Group posted operating revenue of KD48.7 million, up 9.3% over last year. Operating profit was KD15.2 million, up 26.3%, while net profit was up 23.6% to KD11.4 million. Average yield was up 16%. Cash reserves for the period increased to KD29 million, exceeding equity.
Jazeera Airways Group Chairman Marwan Boodai said: "We just closed our best quarter ever on the heels of eight straight quarters of profitability driven by a dynamic management and an agile business model. Two years ago we were a turn-around story, last year we were a sustainable profit story, and today Jazeera Airways is clearly a profit-growth story".
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.
The Group's forecasts for the rest of the year remain unchanged, and expects to close the year with a "mild" fourth quarter.
Operationally, Jazeera Airways' on-time performance (OTP) for the third quarter was 96%, as measured by the US-based global OTP tracker FlightStats, which also placed the airline among the top ten on-time performers worldwide for the same period. Previously, FlightStats had also ranked Jazeera Airways as the leading airline in OTP in the Middle East in Q1 and Q2 of 2012, all of 2011 as well.
Jazeera Airways Group has posted a record net profit of KD7.6 million
