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For the first half of 2023, Jazeera Airways records a net profit of KD 6.27 million

For the First Half of 2023, Jazeera Airways Records a Net Profit of Kd 6.27 Million.

For the first half (1H) of 2023, Jazeera Airways released financial statistics that showed total revenues rising 26.1% to KD97.85 million and operational profits of KD9.35 million. In comparison to KD 7.38 million for the same time last year, the net profit for the period was KD6.27 million. A “one-off” gain of KD1.73 million from the airline’s sale and leaseback of engines was also included in the profits for the previous year.

Jazeera’s passenger traffic for the first half of the year increased by 40.9% to 2.1 million because to the high demand for air travel. Additionally, load factors rose by 4.1% in H1 to 78.1%.

Marwan Boodai, the chairman of Jazeera Airways, announced the results and stated, “As we share our positive results for the first half of 2023, we remain hopeful and confident of our performance. There is a significant demand for travel, and we are happy to see that it is reflected in both the rising passenger volume and the steady load factors. We have already introduced a number of fresh, alluring places, and we eagerly anticipate introducing more in the second part of the year. In the interests of all of our shareholders, partners, and clients, we continue to put our whole attention on maximising our operational and financial performance through various products, services, and initiatives.

The excellent cash position of the company was taken into account when the Jazeera Airways Board of Directors recommended an interim cash distribution of 28 fils per share, or KD6.16 million, for H1.

Review of the 2nd quarter of 2023

Jazeera significantly increased their network in the second quarter of the year by introducing direct flights to Moscow, Samarkand, Larnaca, Shiraz, Belgrade, Tirana, and Tivat. Jazeera’s seventh destination in Egypt is now served by the airline, which also made history by being the first GCC airline to fly nonstop from Kuwait to Cairo’s Sphinx International Airport.

In keeping with its expansion strategy, the airline added two more planes to its fleet and placed an order for more than 2,000 of the world’s lightest aeroplane seats to update its fleet. Each aircraft in the Jazeera fleet will produce a significant weight reduction of 1.2 metric tonnes, lower jet fuel consumption, and boost passenger capacity by adding a row of seats with these new seats.

Jazeera Airways recently offered online pre-ordering from their Duty Free and On-Board shop with a focus on upgrading and improving product selections.

2023 Outlook Jazeera will be introducing numerous additional routes in the second half of the year to meet the needs of both business and leisure visitors.

Jazeera Airways is on track to add three more aircraft to its fleet by the conclusion of the current fiscal year. These will assist in serving the airline’s quickly expanding network along with the extra destinations planned for the remainder of the year.

Source- Travel daily

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