Jazeera Airways posts KD2.3 million net profit in first quarter of 2023
Jazeera Airways has achieved a net profit of KD2.3 million for the first quarter (Q1) of 2023, compared to KD 3.8 million in the first quarter of 2022, when the strong demand post-pandemic was reflected in higher fares. Total revenue for the quarter reached KD48.3 million, up 35.2%, while operating profit was at KD3.62 million.
Passenger traffic rose by 56.6% to 1.1 million in this quarter and load factor reached 82.1% with an increase of 6.9% compared to the Q1 2022.
Announcing the results, Marwan Boodai, Chairman, Jazeera Airways, said, “2023 has started off on a positive note for Jazeera Airways. Despite fuel prices putting pressure on margins for the first quarter, a continued focus on operating costs enabled us to deliver profits in line with our aggressive growth targets and on the track to be a fantastic year. Load factor in this quarter reached 82.1%, the highest ever for Jazeera in any quarter, especially for Q1 which is typically not the strongest. This demonstrates the strength of our business model and sound validation from our customers.”