TravelJazeera posts KD 6.27 mn net profit for Q1...

Jazeera posts KD 6.27 mn net profit for Q1 2023; set to expand fleet, ET TravelWorld


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<p>Jazeera _Representative Image</p>
Jazeera _Representative Image

The Kuwaiti-carrier, Jazeera Airways, has unveiled its financial performance for the first half of 2023, recording total revenues that surged by 26.1 per cent to KD 97.85 million. This was accompanied by operating profits of KD 9.35 million.

Notably, the net profit for the period stood at KD 6.27 million, a comparison to KD 7.38 million reported during the same period the previous year.

The financial results of the preceding year included a “one-off” gain of KD 1.73 million, originating from the airline’s engine sale and lease-back transaction.

Driven by the demand for air travel, Jazeera Airways experienced a 40.9 per cent increase in passenger traffic during the first half of the year, tallying up to 2.1 million passengers. Additionally, the airline witnessed a 4.1 per cent surge in load factors, reaching 78.1 per cent in the first half.

As the year progresses, Jazeera will unveil a slew of new routes designed to cater to both business and leisure travellers. Adding to its growth, the airline expressed that it is now on track to incorporate three additional aircraft into its fleet by the end of the current financial year.

According to the airline, these acquisitions align with the carrier’s ambitions to bolster its fast-growing network.

“We remain optimistic and confident of our performance. Demand for travel is high and we are pleased to see that reflected in the increased passenger traffic as well as consistent load factors,” said Marwan Boodai, Chairman of Jazeera Airways.

Indian airlines’ domestic demand jumped over 14% in June: IATA

The surge of 14.8 per cent in June pushed the demand levels 1.3 per cent above those of June 2019, showcasing a swift resurgence for the Indian aviation sector. Notably, June 2023 witnessed a remarkable 31 per cent escalation in total traffic and the Asia-Pacific region emerged as a standout performer, with a 128.1 per cent surge in total traffic.

He further highlighted the introduction of attractive destinations and the airline’s focus on maximising operational and financial performance.Jazeera Airways’ Board of Directors have also endorsed an interim cash dividend of 28 fils per share, amounting to KD 6.16 million for the first half of the year.

In the second quarter of the year, Jazeera Airways expanded its network by introducing direct flights to various destinations.

It embarked on new routes to Moscow, Samarkand, Larnaca, Shiraz, Belgrade, Tirana, Tivat, and became the first GCC carrier to operate direct flights from Kuwait to Sphinx International Airport in Cairo, Egypt.

The airline’s growth strategy also encompassed fleet expansion and product enhancement, with the introduction of online pre-ordering from their Duty Free and On-board shop.

  • Published On Aug 10, 2023 at 06:00 PM IST

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