Tag Archives: profits up

Jazeera Airways, continuing robust growth, announced record net profits of KD20.1 million for the year 2022, an increase of 183.6% over 2021. Operating revenues for 2022 increased to KD182.116 million, up 126.5%, and operating profit increased by 148.4% to KD26.8 million. With the resumption of operations at the Kuwait International Airport (KIA), the airline built on its quick return to profitability in the second half of 2021. During 2022, Jazeera also exceeded 2019 performance; which was the last comparable full year of unrestricted operations, by 30%. While overall passenger traffic at the airport dropped by 26% compared to 2019, Jazeera’s traffic grew by 19% during the same period. Passenger numbers increased by 247.5% to an unprecedented 3.6 million, compared to the last year. Load factor increased by 10.2% to 77.01, which offset a decline in yield, the average fare paid per passenger, by 35.1% to KD47.96. Marwan Boodai, Jazeera Airways Chairman, commented: “We are extremely proud to report record annual net profits for the year 2022, the highest in the history of Jazeera Airways. In the last year, high fuel prices added approximately KD9 million to our costs. Our financial performance despite this additional cost burden testifies to the aggressive cost focus across the organization. The fact that we carried 3.6 million passengers in 2022, up from 2.4 million passengers in 2019, shows the strong acceptance of our business model and growing service by our customers. With our growing fleet, new upcoming routes and planned enhancements to our operations, 2023 is going to be another exciting year.” In the last quarter of 2022, the airline reported a modest net loss of KD0.7 million, compared to a profit of KD7 million …

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