Jazeera reports strong financial growth
Budget carrier Jazeera Airways has reported strong growth for 2007 after revealing its latest financial figures.
The low-cost carrier's net US$8.89 million profit was up 61.2% compared with the previous year. Its revenue during the same period reached $80.6 million.
During 2007, Jazeera launched a second hub in Dubai to provide non-stop flights to several destinations, including Bahrain, Kochi and Mumbai.
By the year's close, some 1.2 million passengers had flown with the carrier - double the number in 2006. Load factors during the year averaged 74%, up 12% from 2006.
Jazeera Airways' chairman and CEO Marwan Boodai believes the airline performed well despite increased operating costs. "2007 was a great year despite the record fuel prices," he said. "We invested heavily in growing our hubs, network operations and increased frequencies, and we saw the return on our investment in Q4 2007..."
Boodai added that increased frequencies on various services had contributed to the airline's profits. In 2007, more services were added to flights from Dubai to Beirut, Mumbai and Bahrain.
"Strengthening our network through new destinations, such as Istanbul, and increased frequencies will enable us to retain our competitive edge, win an even greater share of the market and ensure an even more profitable 2008," Boodai said. "This will happen through more choice and an improved Jazeera Airways experience for our travellers - that is our focus for 2008."
Jazeera operates six Airbus A320 aircraft, with a further 34 on order. The planes are expected to have arrived by 2014.