Kuwait: Jazeera Airways Reports Strong Profit & Numbers

Kuwait: Jazeera Airways Reports Strong Profit & Numbers
Anna Zvereva from Tallinn, Estonia, CC BY-SA 2.0 , via Wikimedia Commons

Jazeera Airways of Kuwait have this week reported strong profitability and additional numbers for the final quarter of last year and the overall financial year of 2023.

The carrier has experienced strong single digit growth as well as double-digit growth in other areas of the business.

Without further ado, let’s get into it…

Kuwait: Jazeera Airways Reports Strong Profit & Numbers…

Kuwait: Jazeera Airways Reports Strong Profit & Numbers
Anna Zvereva from Tallinn, Estonia, CC BY-SA 2.0 https://creativecommons.org/licenses/by-sa/2.0, via Wikimedia Commons

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Net profit for the financial year of 2023 for Jazeera Airways of Kuwait was recorded at KD 6.13m.

Passenger numbers jumped 30.6% to 4.68 million, with load factors increasing from 77% to 78.2%, showing strong growth opportunity at the moment.

Revenues increased by 8.8% to KD 198.08m, with their market share in the country increasing to 36.24%.

Marwan Boodai, Chairman, Jazeera Airways had this to say in Kuwait:

“In 2022, we earned record profits that were driven by a huge demand for travel, lesser capacity and a one-time gain from selling and leasing back of engines.”

“For 2023, we emerged profitable despite lower yields, influenced by overcapacity amid a challenging regulatory, geopolitical, and regional landscape.”

“Higher load factors and greater market share put Jazeera Airways in a strong position while we continued to maintain a fanatical focus on unit cost.”

“This is a strong demonstration of our robust and resilient business model as well as the quality of service we provide.”

“We continue to remain unwavering in our commitment to grow and enhance our operations, provide quality service to our customers, and to further strengthen our foundation for success in the coming year 2024.”  

All eyes will be on how their 2024 performs moving forward for the Kuwait-based airline.

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