Andrew Cowen, Jazeera airways' newly appointed CEO, told Emirates Business 24/7 that the airline has 25% of fuel hedging requirement in the second quarter of this year, and is currently looking to put a hedging strategy in place now that oil prices seem to be stabilising. Jazeera reported a 94% increase in 2008 net profit and 40% increase in operating revenues compared to a year earlier. The airline's chairman, Marwan Boodai, had said recently that Jazeera gained through not hedging fuel contracts, which allowed it to buy cheaper fuel on the spot markets in the second half of the year as oil prices fell, which allowed Jazeera to generate higher profits.