Kuwaiti airline Jazeera Airways has announced record net profits of KD 20.1 million for the year 2022, an increase of 183.6 per cent over 2021. Operating revenues for 2022 increased to KD 182.116 million, up 126.5 per cent, and operating profit increased by 148.4 per cent to KD 26.8 million.With the resumption of operations at the Kuwait International Airport (KIA), the airline built on its quick return to profitability in the second half of 2021. During 2022, Jazeera also exceeded 2019 performance, which was the last comparable full year of unrestricted operations, by 30 per cent.
While overall passenger traffic at the airport dropped by 26 per cent compared to 2019, Jazeera’s traffic grew by 19 per cent during the same period. Passenger numbers increased by 247.5 per cent to an unprecedented 3.6 million, compared to the last year. Load factor increased by 10.2 per cent to 77.01, which offset a decline in yield, the average fare paid per passenger, by 35.1 per cent to KD 47.96.
Sharing more details, Marwan Boodai, Chairman, Jazeera Airways, said, “We are extremely proud to report record annual net profits for the year 2022, the highest in the history of Jazeera Airways. In the last year, high fuel prices added approximately KD 9 million to our costs. Our financial performance despite this additional cost burden testifies to the aggressive cost focus across the organisation. The fact that we carried 3.6 million passengers in 2022, up from 2.4 million passengers in 2019, shows the strong acceptance of our business model and growing service by our customers. With our growing fleet, new upcoming routes and planned enhancements to our operations, 2023 is going to be another exciting year.”
In the last quarter of 2022, the airline reported a modest net loss of KD 0.7 million, compared to a profit of KD 7 million in the same quarter of 2021. Operating revenue increased by 24.7 per cent to KD 41.3 million while operating profit decreased to KD 0.9 million.
In Q4 2022, passenger numbers increased by 88 per cent to 978.1 thousand passengers as load factor increased by 4.5 per cent to 78.7 per cent and average utilisation of aircraft increase by 35.3 per cent to 12.4 hours compared to the same quarter last year.