Kuwait's Jazeera Airways said it posted an US$8.7 million profit in 2006, its first full year of operations, after breaking "Middle East governments' 50-year monopoly of the aviation sector."

Jazeera, which applied for a listing on the Kuwait Stock Exchange last month, reported revenue of US$74.5 million on passenger boardings of 600,618. Load factor was 67%.

Its first flight was Oct. 30, 2005. It now operates five A320s to 20 destinations through its Kuwait and Dubai hubs.

It has orders for five additional A320s and options for six and is awaiting government approval of a rights issue designed to increase capital by 100%.

"In 2007 we will continue to enter high-demand cities while staying true to our five-year business plan of establishing hubs throughout the Middle East," Chairman and CEO Marwan Boodai said.