Jazeera Airways 9M net profit hits $67m

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Jazeera Airways 9M net profit hits $67m

Oct 31, 2022 5:49 PM

Jazeera Airways has reported a group net profit of KD20.77 million ( 67.05 million) for the nine-month period ending September 30 2022 up from a net profit of KD0.071 million in the first nine months of...

Jazeera Airways has reported a group net profit of KD20.77 million ($67.05 million) for the nine-month period ending September 30, 2022, up from a net profit of KD0.071 million in the first nine months of 2021.

Total revenue for the period reached KD140.8 million, up 197.9% from the comparable period, while operating profit stood at KD25.96 million, up 1571%.

The airline’s flight movement at Kuwait International Airport reached 20,161 flights during the period making Jazeera the largest carrier operating at the airport.

The nine-month earnings were supported by a strong increase in operations during the summer season with the airline carrying a record number of passengers of 1.1 million passengers in the third quarter and bringing the total number of passengers in the nine months period to 2.6 million. Load factor reached an average of 80.1% in the third quarter and 76.4% for the nine months period, a 15.7% increase over last year, the airline said.

Operations at the Jazeera Terminal (T5) at Kuwait International Airport saw a surge in activities, with retail lease revenue increasing by 27% and duty free revenue increasing from KD145,351 in the first nine months of 2021 to KD3.3 million for the same period in 2022.

Jazeera Airways Chairman Marwan Boodai said: “Appetite for travel increased significantly during the peak summer season, exceeding the numbers of passengers that flew with us during the record year of 2019. We have restored our business post-pandemic and made strong growth as reflected in our financial performance. This has been stimulated operationally with the launch of 11 new routes since the beginning of the year and bringing an additional two aircraft into the fleet.”

During 9M 2019, the last full comparable period before Covid-19, Jazeera carried 703,000 passengers and reported a net profit of KD9.9 million.

Jazeera launched six new routes during the third quarter of this year, catering to an increase in demand from different market segments.

Jazeera continues to move forward with its expansion plans with the delivery of two A320neo aircraft in Q3 as part of its order for 20 A320neos and 8 A321neos. The delivery of these future aircraft will increase the airline’s fleet to 35 in the coming years, and support the airline’s network expansion in the Middle East, Asia and Europe. - TradeArabia News Service

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