Jazeera Airways recorded a total revenue of $317.8 million in the first half (1H) of 2023 with an increase of 26.1% as compared to the same time last year. The airline’s operating profit was $30.38 million while the net profit was $20.37 million as compared to $23.98 million, in H1 of 2022. However, the H1, 2022 profit included one-off gain of $5.62 million from the airline’s sale and lease-back of engines.
With a strong demand for air travel, Jazeera’s passenger traffic showed a 40.9% increase to 2.1 million for the first half of 2023. Load factors also increased by 4.1% to reach 78.1% in H1.
Announcing the results, Marwan Boodai, chairman, Jazeera Airways, said: “As we share our positive results for the first half of 2023, 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.”
“We have introduced several new and attractive destinations and look forward to launching others in the next half of the year. While doing so, we continue to focus on maximizing our operational and financial performance through different products, services, and initiatives, in the best interest of all our shareholders, partners and customers,” Boodai added.
The Jazeera Airways Board of Directors approved an interim cash dividend of 28 fils per share, a total of $20.02 million for H1 reflecting strong cash position.
In the second quarter of the year, Jazeera considerably expanded its network by adding direct flights to Moscow, Samarkand, Larnaca, Shiraz, Belgrade, Tirana and Tivat. The airline also became the first GCC carrier to fly direct from Kuwait to Sphinx International Airport in Cairo, Egypt making it Jazeera’s seventh destination in the country.
Continuing its growth plan, the airline welcomed two additional aircraft to its fleet, and has signed an order for more than 2,000 aircraft seats to renovate its fleet. With these new seats, each aircraft in the Jazeera fleet will deliver a substantial weight saving of 1.2 metric tons, reducing jet fuel consumption and increasing passenger capacity with an additional row of seats.
In the second half of the year, Jazeera will be announcing several new routes that will cater to the demands of both business and leisure travellers.
By the end of the current financial year, Jazeera Airways will be en route to adding three more aircraft to its fleet. With the additional destinations planned for the rest of the year, these will help serve the airline’s fast-growing network.