Jazeera Airways. J9. JZR

Kuwait-based Jazeera Airways Group reported a third-quarter net profit of KD7.6 million ($26.9 million), up 24.6% year-over-year.

Operating revenue rose 5.9% to KD20.4 million.

The Group, which comprises Jazeera Airways (J9) and Sahaab Leasing, said this is the best quarter in its eight-year history despite continuing unrest in the region (ATW Daily News, Aug. 1).

Nine-month net profit reached KD11.4 million—more than the carrier earned in 2011.

Jazeera Airways Group chairman Marwan Boodai told analysts and reporters the improved figures are a sign that J9’s three-year restructuring plan—targeting enhanced yields, increased load factors and improved market share—is working.

He said the Group had reached sustained profitability despite the challenges of seasonality, rising fuel costs, and problems in Syria and elsewhere. It anticipates going ahead with a rights issue by year end after receiving approval from the Kuwaiti government.

Boodai said this quarter the carrier operated the first scheduled flights between Kuwait and Iraq for 22 years. He pointed out that J9 passengers are now booking 10% of their reservations on iPhone and Android apps.

CFO Don Hubbard said J9 contributed 80% of the Group’s profit, despite dropping 18 weekly flights to civil war-racked Syria, a conflict that threatens to impact Lebanon. Bahrain, where the Shia majority continues to clash with the Sunni ruling family, is another concern.

Aircraft displaced from Syrian routes has been redeployed to popular sectors, including Dubai and Jeddah. Rising load factors have helped to improve the financial figures. “We can be profitable on load factors in the low 60s and very profitable with load factors of 74% [achieved] more recently,” he said.