Dubai: Jazeera Airways said on Thursday its net profit for last year fell nearly 30 per cent even as the airline posted annual profits for sixth consecutive year.
The net profit fell to 10.8 million Kuwaiti dinars (Dh130 million), down 29.8 per cent from last year. The airline made 52.8 million dinars in operating revenues, down 10 per cent on year.
The board recommended cash dividend of 7 million dinars, or 35 per cent of share price.
“The slowing macro economic environment and the continued oversupply of seats on our routes placed pressure on our yields, resulting in a 29.8 per cent drop from last year while carrying slightly more travellers,” Marwan Boodai, Jazeera Airways Chairman said in a statement.
“Having said that, with six years of consecutive profitability and virtually no debt, our balance sheet remains strong and cash-rich, making it the healthiest balance sheet in our industry,” he added.
“Looking forward, we believe that with the recent investments in on-ground facilities that we’ve made — and launched in the second half of 2016 — will attract more travellers in the quarters to come,” Boodai said.
