In the first quarter (1Q) of 2024, Jazeera Airways recorded a break-even in operations and reported a net loss of KD 2.7 million. This was mainly due to the impact of foreign currency losses of KD 2.5 million. The total group revenue for this quarter was KD 46.4 million versus KD 48.3 million from Q1 2023.
Jazeera Airways handled 1.2 million passengers in 1Q 2024, an increase of 4.2 per cent or approximately 47k passengers more vs 1Q ‘23. Load factor was at 79.3 per cent while Jazeera Airways’ network market share increased to 37.3 per cent vs 36.1 per cent in 1Q 23. The retail lease revenue for Terminal 5, owned and managed by the airline increased to KD 378k. Duty-free business grew by 5.4 per cent over 1Q ‘23 to KD 1.2 million.
Marwan Boodai, Chairman, Jazeera Airways said, “Jazeera Airways, time and again, has demonstrated strong resilience through several unique situations. Last year, headwinds driven by overcapacity, combined with a tough regulatory, geopolitical, and regional landscape put pressure on our year-end results. In 1Q 2024, our operations remained steady, yet we recorded a loss impacted by foreign currency fluctuations. However, by staying focused on controlling our operational costs and, nimble and agile to market conditions, we are well positioned to grow in summer and to navigate 2024.”
With the launch of upcoming summer destinations, Jazeera covers close to 63 destinations across the Middle East, Central and South Asia, Africa, and Europe.
Growth, both financial and operational, remains on top of the agenda for Jazeera Airways. This is supplemented by continuous enhancements to products, services, and Jazeera Terminal 5.
