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Jazeera Airways reports KD 6.27 million net profit for first half 2023

  • Strong passenger growth of 2.1 million, load factor up by 4.1% to 78.1%
  • Group revenues at KD97.8 million, up 26.1%
  • Board approves interim cash dividends of 28 fils per share, a total of KD6.16 million for H1

Jazeera Airways today announced financial results for the first half (1H) of 2023 with total revenues up 26.1% to KD97.85 million and operating profits of KD9.35 million. Net profit for the period was KD6.27 million compared to KD 7.38 million for the same period last year. Profits for the last year also included a “one-off” gain of KD1.73 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 the year. 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.”

The Jazeera Airways Board of Directors approved an interim cash dividend of 28 fils per share, a total of KD6.16 million for H1 that reflects the company’s strong cash position.

About Jazeera Airways

Jazeera Airways operates commercial and cargo flights out of its Jazeera Terminal T5 at Kuwait International Airport. The airline flies to 66 popular destinations across the Middle East, Central and South Asia, Africa and Europe comprising high-demand business, leisure, religious and weekend destinations.

 

 

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