Jazeera Airways 2023 net profit down 70%

Following a record year in 2022, Jazeera Airways has reported 2023's full year profit decreasing by 69.5% compared to 2022, standing at $19.92 million; down from $65 million in 2022. Operating profit was also down 56.2% to $38.22 million in 2023, following 2022's $87 million. However, operating revenue was up 8.8% in 2023 to $643.76 million. ""For 2023, we emerged profitable despite lower yields, influenced by overcapacity amid a challenging regulatory, geopolitical, and regional landscape,"" said Jazeera Airways chairman Marwan Boodai. ""Higher load factors and greater market share put Jazeera Airways in a strong position while we continued to maintain a fanatical focus on unit cost."" Passenger numbers increased in 2023 by 30.6% to 4.68 million and load factor grew from 77% to 78.2%. The company's fourth quarter results for 2023 saw a net loss of $23.21 million, down 945.5% year-on-year. It also reported an operating loss of $20.54 million, down 822% YoY. Operating revenue for the fourth quarter was also down by 5.2% YoY, standing at $127.34 million.