Jazeera Airways, Kuwait's no-frills airline, is flying high on the back of strong third-quarter results.
Shares in the airline rose 8.8 per cent to Dh1.24, the highest intraday level since June, after it reported an almost sixfold jump in third-quarter net profit to 4.4 million dinars. This compared with 760,000 dinars for the same period last year.
The results were well above analysts' expectations and reflect better cost management and yield improvement, said Scott Darling, an analyst at Nomura. "The company is moving in the right direction and they are hitting profitability earlier than they said," Mr Darling said.
"The stock price has been hammered for the last year and squeezed by local Kuwaiti investors but now investors are saying, 'actually, Jazeera isn't bad'."
Jazeera has faced profitability issues since launching a hybrid business model that aimed to combine low-cost flying with business-class service. "It's a disaster in this market because the national airlines will bulldoze anyone," Mr Darling said. "You're either low-cost or Emirates [Airline] but you can't afford to do both with a small company." Air Arabia was the Gulf's first budget carrier when it launched in 2004, followed by Jazeera in 2005 and flydubai in June last year.
Jazeera has struggled partly due to unprofitable routes to India and elsewhere in the subcontinent but it has now stopped those routes to try to generate better yields.
"With only six planes, [Jazeera] needs to maximize routes. Having great ambitions like that of Air Arabia does not work," Mr Darling said. The company has since undergone restructuring, including a 30 per cent reduction in staff and a positive contribution from the acquisition of Sahaab Aircraft Leasing in February.
Jazeera's smaller and restructured business can continue to improve profitability, Mr Darling said. The airline said it was confident of sustaining profit into next year, when a 20m dinar rights issue will be executed.
UAE squad
Rohan Mustafa (captain), Ashfaq Ahmed, Ghulam Shabber, Rameez Shahzad, Mohammed Boota, Mohammed Usman, Adnan Mufti, Shaiman Anwar, Ahmed Raza, Imran Haider, Qadeer Ahmed, Mohammed Naveed, Amir Hayat, Zahoor Khan
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Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
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COMPANY PROFILE
ARGYLLE
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- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
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List of UAE medal winners
Gold
Faisal Al Ketbi (Open weight and 94kg)
Talib Al Kirbi (69kg)
Omar Al Fadhli (56kg)
Silver
Zayed Al Kaabi (94kg)
Khalfan Belhol (85kg)
Zayed Al Mansoori (62kg)
Mouza Al Shamsi (49kg women)
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Saood Al Hammadi (77kg)
Said Al Mazroui (62kg)
Obaid Al Nuaimi (56kg)
Bashayer Al Matrooshi (62kg women)
Reem Abdulkareem (45kg women)
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COMPANY PROFILE
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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On sale: Now
If you go
FIXTURES
All kick-off times UAE ( 4 GMT)
Friday
Sevilla v Levante (midnight)
Saturday
Athletic Bilbao v Real Sociedad (7.15pm)
Eibar v Valencia (9.30pm)
Atletico Madrid v Alaves (11.45pm)
Sunday
Girona v Getafe (3pm)
Celta Vigo v Villarreal (7.15pm)
Las Palmas v Espanyol (9.30pm)
Barcelona v Deportivo la Coruna (11.45pm)
Monday
Malaga v Real Betis (midnight)
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● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
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