+
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

Six ways a smarter workflow leads to faster, more accurate bids

In today’s fast-paced civil construction environment, estimators need more than just solid numbers. They need smart, streamlined processes. This article explores six key ways connected workflows can transform the estimated approach, help in minimising risk, move faster, and improve accuracy. By integrating tools, data, and teams, one can produce stronger bids with less rework, fewer surprises, and more confidence. As an estimator, the job goes beyond producing numbers. They are responsible for delivering bids that are fast, accurate, and built to win. In today’s civil construction ind..

Next Story
Real Estate

Experion Launches Women-Only Co-Living Project in Greater Noida

Experion, part of Singapore-based AT Capital Group, has launched its first co-living space under its managed rental housing brand, VLIV, in Greater Noida. The all-women residence features 730 twin-sharing beds with a strong focus on safety, comfort, and well-being. VLIV has committed a $300 million investment to create a structured, service-led rental housing ecosystem in India. The brand aims to scale up to 20,000 beds in the next few years, with a long-term target of 100,000 beds nationwide. “India’s rental housing is fragmented. VLIV is our way of building long-term, dependabl..

Next Story
Infrastructure Urban

Officine Maccaferri Acquires CPT to Bolster Tunnelling Tech

Ambienta’s platform company, Officine Maccaferri S.p.A., has acquired CPT Group, a leading Italian developer of robotic prefabrication systems and digital control technologies for mechanised tunnelling. The move positions Maccaferri as a global player in integrated tunnelling solutions, blending traditional and advanced mechanised systems. Based in Nova Milanese, CPT serves major global contractors across Europe, Southeast Asia, and Australia. The company offers robotic prefabrication (Robofactory), productivity-monitoring software for Tunnel Boring Machines (TBMs), and eco-designed spa..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?