JamboJet records 147% profit turn around

Photo Credit: www.businessdailyafrica.com

Kenya Airways subsidiary airline, JamboJet, have posted a turnaround in profit in its second year to post a profit of Ksh126 million from a loss of Ksh287 million in its first year.

The turnaround is attributed to a rise in the number of passengers from 480,092 in 2015 to 572,010 passengers in the year to March 2016. This drove revenues to KSh3.4 billion in the period according to its full-year financial report. 

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The airline, fully owned by Kenya Airways, also reduced its debts to Ksh1.1 billion from Ksh1.2 billion, while its accumulated losses for the two years hit Ksh405 million. 

In the period, the carrier added two additional planes to its fleet of 4, to operate between Mombasa, Eldoret, Nairobi and Mombasa and cater for the increased use of domestic air travel at a cost of Ksh2, 950 one way. 

This comes as the flight took up on board advertising in partnership with Global Onboard Partners in a bid to generate non-ticket revenue for the low-cost carrier and boost profit for its third year.

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