Finance

Jazeera Airways reports net profit of $7.48 million in March quarter

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Jazeera Airways reports net profit of $7.48 million in March quarter

Jazeera Airways recorded a net profit of $7.48 million in Q1 of 2023 as compared to KD3.8 million in Q1 of 2022. Total revenue for the quarter reached KD48.3 million, up 35.2%, while operating profit was at KD3.62 million.

The airline reported passenger traffic of 1.1 million with a load factor of 82.1%. The passenger traffic increased by 56.1% while the load factor rose by 6.9% as compared to Q1 of 2022.

Marwan Boodai, Chairman, Jazeera Airways said: “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 us to deliver profits in line with our aggressive growth targets and on the track to be a fantastic year. 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 our business model and sound validation from our customers.”

Jazeera Airways launched direct flights in February 2023 from Kuwait to Moscow, the first airline to fly the route while the airline expanded its network to Samarkand, its third destination in Uzbekistan following Tashkent and Namangan.

The airline is planning on expanding its network in Q2 to include new routes like Larnaca, Cyprus, Belgrade, Serbia and Tirana, Albania. In addition, the airline also announced the resumption of its flights to Prague, Czech Republic and Sarajevo, Bosnia and Herzegovina in the summer months.

Over the next few months of this financial year, Jazeera will welcome four additional aircraft into its fleet.