+
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
Building Material

UltraTech’s Limestone Mine Gets India’s First-Ever 7-Star Rating

UltraTech Cement, India’s largest producer of cement and Ready-Mix Concrete (RMC), has received top honours for sustainable mining practices. Thirteen of the company’s limestone mines were awarded star ratings by the Indian Bureau of Mines (IBM), Ministry of Mines, for FY 2023–24 during a ceremony held in Jaipur, Rajasthan. Among these, the Naokari Limestone Mine—part of UltraTech’s Awarpur Cement Works in Chandrapur, Maharashtra—was awarded India’s first-ever 7-star rating for a limestone mine, in recognition of exceptional performance in ‘Green Mining’. The remain..

Next Story
Infrastructure Urban

Sieger Parking Enters Mumbai Market, Expands West India Presence

Sieger Parking, a Coimbatore-headquartered specialist in automated and multi-level car parking systems, has announced its entry into Western India with the launch of a regional office in Mumbai. This move marks a key milestone in the company’s pan-India growth strategy and its commitment to delivering technology-driven, space-efficient parking solutions across urban India. The Mumbai office will serve as the regional headquarters for Maharashtra and neighbouring states, supporting end-to-end operations with on-ground sales, project management, and service teams. The aim is to fast-track..

Next Story
Resources

IGBC Green Kochi Conclave 2025 Champions Culture and Climate Action

The Indian Green Building Council (IGBC), part of CII, hosted the Green Kochi Conclave 2025 on 4 July at Hotel Holiday Inn, Kochi, under the theme “Tharavadu to Tomorrow: Weaving Kerala’s Heritage into a Sustainable Built Environment.” The event brought together policymakers, architects, developers, and thought leaders to discuss Kerala’s progress in blending cultural heritage with sustainable design.  Kerala is emerging as a frontrunner in climate-resilient development, thanks to passive design strategies, rainwater harvesting, cool roof initiatives, and the widespread adopt..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?