Jazeera Airways reports profits in the first quarter

Monday, May 15, 2023

Jazeera Airways has respectively achieved a net profit of KD 23 million for the first quarter of 2023, as a balance to KD 3.8 million in the first quarter of 2022, with the increasing demand for post-pandemic reflected in higher fares.

As noted, the total revenue for the quarter reached KD 48 3 million, up 35.2%, while operating profit was at KD3.62 million.

Additionally, the estimation of passenger traffic rose by 56.6% to 1.1 million in this quarter and the load factor reached 82.1% with an increase of 6.9% compared to Q1 2022.

Jazeera Airways Chairman, Marwan Boodai further shared the result by stating that 2023 has started off on a positive note for Jazeera Airways.

Despite fuel prices putting pressure on margins for the first quarter, a continued focus on operating costs enabled them to deliver profits in line with their aggressive growth targets and on track to be a fantastic year.

The load factor in this quarter reached 82.1%, the highest ever for Jazeera in any quarter, especially for Q1 which is typically not the strongest. This demonstrates the strength of their business model and sound validation from their customers.

As the First Quarter 2023 Review goes, Jazeera Airways launched the first airline to fly the route from Kuwait to Moscow in February. Following this, the airline also started flying to Samarkand in March, with its third destination in Uzbekistan following Tashkent and Namangan.

It has also been announced that new destinations for Q2 include Larnaca, Cyprus, Belgrade, Serbia, and Tirana, Albania. In the resumption of its flights to Prague, Czech Republic, and Sarajevo, Bosnia, and Herzegovina in the summer months.

The airline also intends to join a partnership with a European Union Aviation Safety Agency (EASA) approved training organization to launch its own Multi–Pilot License (MPL) programme – Trade Arabia News Service.

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