Jazeera Airways announces KD7.8m profit in H1 of 2022
KUWAIT: Jazeera Airways on Tuesday announced strong results with a net profit of KD 7.8 million for the first half (H1) of 2022, compared to a net loss of KD 11.7 million in the first half of 2021. Total revenue for the period reached KD 77.6 million, up four times from the comparable period, while operating profit stood at KD 9.8 million, up 187%.
These solid financial results were driven by active operations that saw the company carry its highest ever number of passengers in the second quarter of
817k bringing the total for H1 2022 to a record of 1.5 million passengers as travel activities gradually return to pre-pandemic levels. Correspondingly, load factor reached 74.0% for the first half of the year reflecting an increase of 19.3% over last year.
Jazeera Airways Chairman, Marwan Boodai commenting on the results by saying: “Our forecasts and expectations for the first half of the year were very accurate as passengers’ appetite to travel was met with a return of travel capacity at Kuwait International Airport since the second half of last year. Jazeera has placed itself well to reap the benefits of the new market dynamics and was able, through its constant communication with its passengers and its analysis of the market, to return stronger than before. We launched new tourist destinations and started services to high traffic ones and will continue our growth and progress throughout the coming quarters.”
During H1 2019, the last full comparable period before COVID-19, Jazeera carried 1.1 million passengers and reported a net profit of KD 6.2 million. The board of the company recommended an interim cash dividend of KD 6.6 million or 30% of share capital, marking the first time in the history of the company to make an interim cash distribution, which reflects the strong cash position of Jazeera Airways and its positive views on recovery post the pandemic.