Jazeera Airways slashes losses, achieves operational break-even

06 May 2024 CW Team

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."

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