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Marwan Boodai Marwan Boodai

Jazeera Airways Reports Q4 and FY 2023 Results

Jazeera Airways reported KD6.13 million in net profit for the full year 2023. Operating revenues were at KD198.08 million with an 8.8 percent increase compared to 2022 while operating profits were at KD11.76 million.

Passenger numbers increased by 30.6 percent from 3.6 million to 4.68 million. Load factor grew from 77 percent to 78.2 percent while yield declined from KD47.96 to KD39.63. However, market share for the airline increased to 36.24 percent in Kuwait.

 At Jazeera Terminal 5, which is owned and managed by Jazeera Airways, the retail lease revenue grew by 51 percent to KD1.54 million for 2023. Duty Free revenues increased by 1 percent to KD1.3 million.

 Q4 2023 Results

 Jazeera recorded a net loss of KD7.14 million. The company’s operating revenue for the fourth quarter was at KD 39.18 million. Passenger numbers were 17.3 percent higher at 1.15 million with load factor at 75.8 percent and average utilization up by 2.2 percent to 12.7 hours compared to the same quarter in 2023.

 The company distributed 28 fils per share in cash dividends for the first half of 2023. For the second half of 2023, the board of directors of Jazeera Airways have made a recommendation not to distribute any further dividends. 

Marwan Boodai, chairman, Jazeera Airways, said, “In 2022, we earned record profits that were driven by a huge demand for travel, lesser capacity and a one-time gain from selling and leasing back of engines. For 2023, we emerged profitable despite lower yields, influenced by overcapacity amid a challenging regulatory, geopolitical, and regional landscape. Higher load factors and greater market share put Jazeera Airways in a strong position while we continued to maintain a fanatical focus on unit cost. This is a strong demonstration of our robust and resilient business model as well as the quality of service we provide. We continue to remain unwavering in our commitment to grow and enhance our operations, provide quality service to our customers, and to further strengthen our foundation for success in the coming year 2024.”