Jazeera Airways flies to more than 20 destinations across the Middle East, including Dubai, Manama, Beirut and Amman. Courtesy Jazeera Airways
Jazeera Airways flies to more than 20 destinations across the Middle East, including Dubai, Manama, Beirut and Amman. Courtesy Jazeera Airways

Kuwait’s Jazeera Airways 2017 profit plunges 24%, plans network expansion this year



Kuwait’s listed budget carrier Jazeera Airways reported a 24 per cent drop in full year net profit attributed to a one-off 2.4 million Kuwaiti dinar transfer from foreign currency reserves “that were reclassified to statement of income”, the carrier said.

Net profit for 2017 plunged to 8.2m Kuwaiti dinars ($27.3 million) from the previous year, the airline said in an e-mailed statement on Thursday. Load factor was stood at 73.9 per cent, up 6.7 per cent from the year earlier period.

"There's evidently downward pressure on Jazeera's performance given that it's pace of organic growth has stagnated," said Saj Ahmad, chief analyst at StrategicAero Research. "If you contrast that against flydubai and Air Arabia, Jazeera really needs to be doing better - especially given the changes underway at Kuwait Airways."

The Boursa Kuwait-listed company reported a 12.1 per cent decline in operating profit, while operating revenues increased 7.3 percent to KD56.5m in 2017. The carrier's board recommended a 35 fils per share dividend.

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Jazeera "needs to take more steps to regain a competitive edge or run the risk of being a bit-part player whose growth options will remain limited," Ahmad added. The carrier "has to look at staying competitively relevant - they run the risk of falling behind stalwart flydubai who are now operating with fuel efficient 737 MAXs."

Jazeera has launched a series of brand upgrades and new systems to enable better customer experience from booking to flight. As well as investing in new technology and fleet interiors, the carrier expanded its route network with three new destinations last year.

A total of five new destinations will have been launched in the first half of 2018, including Kochi and Ahmedabad, which were both already launched in January, Lahore and Tbilisi. The carrier didn't disclose the fifth new route.

"The year 2017 was a transformational year for customer experience enhancements both on-ground and in the air," said chairman Marwan Boodai. "We unveiled a new brand across all customer touchpoints, invested heavily in our digital platform for better revenue management and an engaging customer experience, and rolled out completely new interiors for our fleet...Our dedicated terminal, currently under construction, will be launched in the first quarter [of 2018] to coincide with our network expansion."

The airline expects to place an order this year to expand and replace its fleet of around 15 jet, chief executive Rohit Ramachandran said in November at an industry conference in Dubai.

Jazeera is considering Airbus single-aisle A320neo against Boeing’s 737 MAX, Bombardier's CSeries, or Embraer's E2 narrowbody jets, he said.

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Starring: Sarah Geronimo, James Reid, Xian Lim, Nova Villa

3/5

(Tagalog with Eng/Ar subtitles)

MATCH INFO

Everton 2 (Tosun 9', Doucoure 93')

Rotherham United 1 (Olosunde 56')

Man of the Match Olosunde  (Rotherham)

Heavily-sugared soft drinks slip through the tax net

Some popular drinks with high levels of sugar and caffeine have slipped through the fizz drink tax loophole, as they are not carbonated or classed as an energy drink.

Arizona Iced Tea with lemon is one of those beverages, with one 240 millilitre serving offering up 23 grams of sugar - about six teaspoons.

A 680ml can of Arizona Iced Tea costs just Dh6.

Most sports drinks sold in supermarkets were found to contain, on average, five teaspoons of sugar in a 500ml bottle.

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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Rating: 3/5

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Cricket World Cup League Two
Oman, UAE, Namibia
Al Amerat, Muscat
 
Results
Oman beat UAE by five wickets
UAE beat Namibia by eight runs
Namibia beat Oman by 52 runs
UAE beat Namibia by eight wickets
UAE v Oman - abandoned
Oman v Namibia - abandoned

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HWJN
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ACL Elite (West) - fixtures

Monday, Sept 30

Al Sadd v Esteghlal (8pm)
Persepolis v Pakhtakor (8pm)
Al Wasl v Al Ahli (8pm)
Al Nassr v Al Rayyan (10pm)

Tuesday, Oct 1
Al Hilal v Al Shorta (10pm)
Al Gharafa v Al Ain (10pm)

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Friday's schedule at the Etihad Airways Abu Dhabi Grand Prix

GP3 qualifying, 10:15am

Formula 2, practice 11:30am

Formula 1, first practice, 1pm

GP3 qualifying session, 3.10pm

Formula 1 second practice, 5pm

Formula 2 qualifying, 7pm

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EEjari%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ERiyadh%2C%20Saudi%20Arabia%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EYazeed%20Al%20Shamsi%2C%20Fahad%20Albedah%2C%20Mohammed%20Alkhelewy%20and%20Khalid%20Almunif%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EPropTech%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%20%3C%2Fstrong%3E%241%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3ESanabil%20500%20Mena%2C%20Hambro%20Perks'%20Oryx%20Fund%20and%20angel%20investors%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E8%3C%2Fp%3E%0A
Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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Director: M Night Shyamalan

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