Jazeera Airways announces KD3.8 million in net profit in first quarter 2022
Jazeera Airways announced a net profit of KD3.8 million for the first quarter (Q1) of 2022, compared to a net loss of KD5.2 million in the first quarter of 2021. Total revenue for the quarter reached KD35.7 million, up 339.2%, while operating profit stood at KD5.3 million, up 199.3%.
These record earnings were supported by a close to sixfold increase in the number of passengers with restrictions at Kuwait International Airport being eased and travel capacity gradually increased to levels near to the pre-pandemic period. Similarly, the load factor reached 75.2%, an increase of 28.7%.
Commenting on the results, Jazeera Airways Chairman, Marwan Boodai, said, “The gradual return of travel capacity at Kuwait International Airport since the second half of last year as well as the lifting of travel restrictions worldwide have shown that there is indeed a latent and strong appetite for travel. Jazeera has focused in the first quarter on expanding its services and capacity in preparation for the launch of new tourist and high-demand destinations during the year, all supported with a strong financial position and a cautious strategy to mitigate the risks of recent geopolitical developments.”
In comparison, during Q1 2019 before the start of the Covid-19 pandemic, Jazeera had reported a net profit of KD1.5 million and flown 529.6 thousand passengers. Q1 2022 performance shows strong resilience in commercial travel, as well as positive sentiment to the sector for 2022 and beyond.