Jazeera Airways begins financial recovery in Kuwait

Jazeera Airways returned to profitability in 2021.

In a period which continued to be affected by the Covid-19 pandemic and restrictions on travel, the carrier reported a net profit of KD7 million (US$23 million) for the year.

The earnings were supported by an increase of 48 per cent in the number of passengers flown, which reached one million, while load factors increased by 3.9 per cent to 67 per cent.

Yield – the amount of revenue per passenger, per mile – increased by 29 per cent to KD74.

Operating revenue for 2021 stood at KD80 million (US$265 million), up 94 per cent, while operating profit increased by 152 to KD11 million (US$36 million).

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The airline returned to profitability in record time during the third quarter of the year following a second year impacted by restrictions and limitations in capacity imposed on travel at Kuwait International Airport, and globally, in response to the continued spread of the Covid-19 pandemic.

Commenting on the results Jazeera Airways chairman, Marwan Boodai, said: “Jazeera’s performance in 2021 is proof that its flexible and resilient business model continues to safeguard customers, employees and shareholders in times of crises.

“Financially, our airline took the right steps to control costs and limit cash burn, while operationally we focused on new destinations that satisfied an appetite to travel to destinations marked Covid-19-safe as well as catering to a high and latent demand for connecting flights between the Middle East, Asia and Europe.”

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