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Jazeera Airways, a leading airline in Kuwait, has released its financial results for the fourth quarter (Q4) and full fiscal year (FY) 2023, showcasing resilience and growth despite market challenges.
Jazeera Airways announced its financial performance for the fiscal year 2023, revealing several noteworthy highlights. The airline reported a net profit of KD 6.13 million, which represents a strong financial outcome. Operating revenues also showed a year-on-year increase, rising 8.8 per cent to KD 198.08 million.
This rise in revenue can be partially attributed to the substantial growth in passenger numbers, which reached a record high of 4.68 million, reflecting a significant 30.6 per cent surge from the previous year. Jazeera Airways also demonstrated efficient capacity utilisation, with the load factor rising from 77 per cent to 78.2 per cent. Finally, the airline bolstered its market share in Kuwait to 36.24 per cent, reaffirming its position as a key player in the region.
The airline had a mixed Q4 2023 performance. While the company recorded operating revenues of KD 39.18 million, it reported a net loss of KD 7.14 million for the quarter. Despite the loss, passenger numbers increased by 17.3 per cent, reaching 1.15 million compared to the same period last year. The load factor for Q4 stood at 75.8 per cent, indicating that Jazeera Airways continued to operate efficiently.
The national airline of the United Arab Emirates welcomed more than 1.4 million guests onboard and saw its load factor average out at 86.04 per cent across the month. As its network and frequencies continue to expand, Etihad looks at introducing more of the world to both the new airport and the onboard Etihad experience throughout 2024.
For the year 2023, Jazeera Airways’ operating revenue was KD 198.08 million, representing an increase of 8.8 per cent. The operating profit, however, decreased by 56.2 per cent to KD 11.76 million, while the net profit fell by 69.5 per cent to KD 6.13 million. Jazeera Airways also achieved several milestones in 2023, including expanding its reach to 64 destinations across multiple regions by adding ten new routes. The airline also increased its fleet size to 23 aircraft, which facilitated the expansion and enhanced the operational capabilities of the company. Jazeera Airways also published its first ESG sustainability report and transitioned to eco-friendly food service ware, demonstrating its commitment to sustainability initiatives.
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