Jazeera Airways profits up 42% in Q1 08, despite record fuel prices
Kuwait and Dubai based Jazeera Airways (KSE: Jazeera, Bloomberg Jazeera KK, Reuters JAZK.KW) today announced that it registered KD 745,815 in profits for the quarter ending on March 31, an increase of 42% over Q1 ’07.
Marwan Boodai, Chairman and CEO for the only international airline in the Middle East that is neither owned nor subsidized by any government said; “Our strong Q1 results follow the major expansion strategy we pursued in 2007. We will continue to expand in the rest of ’08, bringing new routes on the back of more aircraft deliveries throughout the year.”
Jazeera Airways Q1 financial summary:
- Profits: KD 745,815, up 42% vs. Q1 07
- Operating Revenue: KD 10,780,055, up 46% vs. Q1 07
- Earnings Per Share: 3.7 fils (One dinar = 1000 fils)
Jazeera Airways is listed on the Kuwait Stock Exchange and operates a fleet of six Airbus A320s from hubs in Kuwait and Dubai to destinations across the Middle East, Europe, Iran, North Africa, and the Indian Subcontinent. The airline has a firm order for 34 additional aircraft to be delivered over the coming years with the last fleet installment scheduled for delivery in 2014.
Best Islamic bank, sukuk issuance, commercial financing
KFH wins 3 awards from Global Finance
Al-Menaie: reflects performance, integrated plans
Kuwait Finance House (KFH) has once again won 3 awards from Global Finance, a British specialized magazine. The awards are Best Islamic Bank in Kuwait, Best bank in issuing sukuk, and Best bank in commercial finance. This comes as a part of the positive evaluation that KFH constantly receives for its outstanding efforts on all levels and aspects of business in the bank, which are monitored by numerous global authorities.
The International Investment Manager Emad Al-Menaie announced that the 3 awards symbolize KFH's success as an Islamic bank, in addition to emphasizing the uniqueness of its products and the role it plays in the economy. KFH cements its high potential in innovating new Shariah compliant tools and products, which reinforce its market share, serves its clients, and develops the performance of the Islamic financial market, where KFH can view its pioneer role, and the importance of developing new, competitive tools in a promising market that is stacked with high growth rates.
He added that these consecutive awards reveal the quality of the set plans, in addition to the achieved results and their balance in all aspects, which makes the final performance of the establishment, whether in terms of services or products, committed to standards and integrated in performance.
The awards reveal the unprecedented success that KFH has achieved in its path, where KFH has participated and organized the issuance of sukuk that reached total value of $ 4 billion. Kuwaiti and Gulf corporations, in addition to governments of the world, like Saxony in Germany have benefited from sukuk.
KFH has recently established Liquidity Management House with a capital of KD 100 million to operate in the issuance of sukuk, whether the initial issuance or the secondary trading, where it aims to creating a secondary market for sukuk. This will reinforce its role as a legitimate financing tradable tool.
The aforementioned corporation will serve the domestic and regional markets, in addition to financing corporations, by leading the organizing and issuance of sukuk, that provide a vital source for financing the expansions and the expected growth in Kuwaiti and Gulf corporations, in addition to others seeking financing major projects.
Moreover, KFH has contributed in Liquidity Management Centre, which is located in Bahrain. It is concerned with investing liquidity for Islamic banks, and issued important sukuks.
In the field of financing consumers, KFH is a pioneer in this field, where the volume of its services that reach 80 services and products in the investment, real estate, financial, banking and commercial fields, make it one of the major effective makers of the market, since it possesses a large segment of clients and expanded its businesses. The performance is up to par with major global financial institutions, in addition to offering 150 services using kfh.com, and owning over 35% of the market share of banking cards. KFH also possesses a network of unique branches, where there are branches who serve ladies only. Moreover, KFH attracted over 25% of total deposits in banks. KFH is the first in financing consumers, and the leader in financing real estate, where its services have provided over 25 years a convenient residence for about 30,000 Kuwaiti families; in addition to offering a bouquet of commercial services in the fields of cars, furniture, and electrical appliances. KFH attracts about 5,000 merchant and supplier, in addition to what it offers from unique investment tools in the field of funds, real estate portfolios, etc, that operate according to Shariah in the States, Europe and Asia.
