Jazeera Airways slashes losses, achieves operational break-even
AVIATION & AIRPORTS

Jazeera Airways slashes losses, achieves operational break-even

Jazeera Airways announced its financial outcomes for the first quarter (1Q) of 2024, noting that operations broke even but suffered a net loss of KD 2.7 million, primarily due to foreign currency losses amounting to KD 2.5 million. The total group revenue for the quarter was KD 46.4 million, slightly less than the KD 48.3 million recorded during the same period in 2023.

Despite the hurdles, Jazeera Airways managed 1.2 million passengers in 1Q 2024, representing a 4.2 percent increase or roughly 47,000 more passengers compared to 1Q 2023. It was reported that the load factor stood at 79.3 percent, and Jazeera Airways' network market share expanded to 37.3 percent from 36.1 percent in 1Q 2023. Furthermore, revenue from retail leases for Terminal 5, owned and operated by the airline, rose to KD 378,000, while duty-free business grew by 5.4 percent to KD 1.2 million.

Marwan Boodai, Chairman of Jazeera Airways, remarked on the outcomes, expressing, and ?Jazeera Airways has consistently shown resilience in demanding circumstances. Despite encountering foreign currency fluctuations resulting in a net loss, our focus on operations and ability to adapt to market conditions remain robust, positioning us for growth in the upcoming summer season and throughout 2024."

Jazeera Airways announced its financial outcomes for the first quarter (1Q) of 2024, noting that operations broke even but suffered a net loss of KD 2.7 million, primarily due to foreign currency losses amounting to KD 2.5 million. The total group revenue for the quarter was KD 46.4 million, slightly less than the KD 48.3 million recorded during the same period in 2023. Despite the hurdles, Jazeera Airways managed 1.2 million passengers in 1Q 2024, representing a 4.2 percent increase or roughly 47,000 more passengers compared to 1Q 2023. It was reported that the load factor stood at 79.3 percent, and Jazeera Airways' network market share expanded to 37.3 percent from 36.1 percent in 1Q 2023. Furthermore, revenue from retail leases for Terminal 5, owned and operated by the airline, rose to KD 378,000, while duty-free business grew by 5.4 percent to KD 1.2 million. Marwan Boodai, Chairman of Jazeera Airways, remarked on the outcomes, expressing, and ?Jazeera Airways has consistently shown resilience in demanding circumstances. Despite encountering foreign currency fluctuations resulting in a net loss, our focus on operations and ability to adapt to market conditions remain robust, positioning us for growth in the upcoming summer season and throughout 2024.

Next Story
Technology

Building Faster, Smarter, and Greener!

Backed by ULCCS’s century-old legacy, U-Sphere combines technology, modular design and sustainable practices to deliver faster and more efficient projects. In an interaction with CW, Rohit Prabhakar, Director - Business Development, shares how the company’s integrated model of ‘Speed-Build’, ‘Smart-Build’ and ‘Sustain-Build’ is redefining construction efficiency, quality and environmental responsibility in India.U-Sphere positions itself at the intersection of speed, sustainability and smart design. How does this translate into measurable efficiency on the ground?At U..

Next Story
Infrastructure Transport

Smart Roads, Smarter India

India’s infrastructure boom is not only about laying more kilometres of highways – it’s about building them smarter, safer and more sustainably. From drones mapping fragile Himalayan slopes to 3D machine-controlled graders reducing human error, technology is steadily reshaping the way projects are planned and executed. Yet, the journey towards digitisation remains complex, demanding not just capital but also coordination, training and vision.Until recently, engineers largely depended on Survey of India toposheets and traditional survey methods like total stations or DGPS to prepare detai..

Next Story
Real Estate

What Does DCPR 2034 Mean?

The Maharashtra government has eased approval norms for high-rise buildings under DCPR 2034, enabling the municipal commissioner to sanction projects up to 180 m on large plots. This change is expected to streamline approvals, reduce procedural delays and accelerate redevelopment, drawing reactions from developers, planners and industry experts about its implications for Mumbai’s vertical growth.Under the revised DCPR 2034 rules, buildings on plots of 2,000 sq m or more can now be approved up to 180 m by the municipal commissioner, provided structural and geotechnical reports are certified b..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?