In the initial quarter of 2024, Jazeera Airways achieved an operational break-even but registered a net deficit of KD 2.7 million, primarily due to foreign currency losses totaling KD 2.5 million. The group’s total revenue reached KD 46.4 million, a slight decrease from the KD 48.3 million reported in the first quarter of 2023.

During this period, Jazeera Airways served 1.2 million passengers, marking a 4.2% growth, or an increase of approximately 47,000 passengers compared to the same quarter in the previous year. The load factor stood at 79.3%, and the market share within Jazeera Airways’ network rose to 37.3% from 36.1% in the first quarter of the previous year. Terminal 5, managed by the airline, saw its retail lease revenue climb to KD 378k, and its duty-free sales grew by 5.4% 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.”

Financial and Operational Highlights for the First Quarter of 2024:

• Operating Revenue: KD 46.4 million, a decrease of 4.1% from the first quarter of 2023 but an increase of 18.3% from the fourth quarter of 2023.
• Operating Profit: KD 1.3 million, a 64.6% decrease from the first quarter of 2023, yet up by 120% from the previous quarter.
• Net Loss: KD 2.7 million, a substantial reduction compared to the first quarter of 2023 and a 62.2% decrease from the fourth quarter of 2023.
• Passengers: 1.2 million, an increase of 4.2% from the first quarter of 2023 and a slight rise of 0.7% from the previous quarter.
• Load Factor: 79.3%, a decrease of 2.7% from the same period last year but an increase of 3.5% from the last quarter.
• Yield: KD 37.43, down 8.9% from the first quarter of 2023 but up 17.7% from the last quarter.

First Quarter 2024 Review:
In early 2024, Jazeera Airways welcomed Barathan Pasupathi as the new Chief Executive Officer. Pasupathi brings extensive experience in both aviation and finance, particularly in leading budget carriers. The airline also announced new direct flights to Batumi, Georgia, starting on June 14, 2024, and is set to resume flights to other popular destinations for the summer season, including Antalya, Beirut, Bodrum, Larnaca, Prague, Sarajevo, Salalah, Sharm El Sheikh, Tirana, Tivat, and Trabzon.

2024 Outlook:
Jazeera Airways is poised to serve nearly 63 destinations across various regions, including the Middle East, Central and South Asia, Africa, and Europe, with the introduction of new summer routes. The airline continues to focus on growth, both financially and operationally, complemented by ongoing improvements to its products, services, and facilities at Jazeera Terminal 5.

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