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With travel restrictions eased Jazeera Airways posts profits in Q3
KUWAIT CITY, Nov 13: Jazeera Airways has announced that it has achieved profits again in the third quarter of this year, reports Al-Rai daily. The company explained that, with the easing of travel restrictions and an increase in the number of vaccinated people in Kuwait, it managed to achieve a net profit of KD 11.8 million. Through the network of destinations it serves, an improvement in performance of 310.2 percent compared to the same period last year was observed. The number of passengers increased by 361.8 percent in the third quarter to 302,900 passengers. The load rate increased by 26.7 percent to 65.6 percent despite the restrictions that were imposed on the capacity of Kuwait International Airport during this period.
The revenues increased by 421.7 percent to reach KD 31.7 million, the operating profits amounted to 12.8 million, which is an increase of 332.2 percent, and the operating margin amounted to 40.5 percent. During the nine-month period of 2021, Jazeera Airways achieved profits despite the challenges faced by the sector and the limited capacity that was imposed for a period of five months at Kuwait International Airport. The company succeeded in compensating previous losses to achieve a net profit of KD 70,600, which is an improvement of 100.5 percent compared to the corresponding period of last year. This is supported by an increase in the operating revenues by 44.2 percent to reach KD 47.3 million.
The operating profits amounted to KD 1.6 million, which is an improvement of 113.2 percent. The number of passengers reached 511,100, and the average return on the seat reached KD 89.3, which is an increase of 72.9 percent. Commenting on these results, the Chairman of the Board of Directors of Jazeera Airways Marwan Boodai said, “Jazeera Airways returned to profitability before the fourth quarter as expected. This is a very positive sign for the company, which succeeded in limiting the impact of the COVID-19 pandemic by taking decisive measures to cushion its financial position and liquidity, as well as protect the rights of shareholders and customers at the beginning of the pandemic. The level of results in the third quarter reflects the strong and noticeable demand for travel, as well as the success of the new lines launched by the company at the end of June to meet this demand.
This was reflected in the increase in the load rate despite the restrictions that were imposed on the number of passengers returning to Kuwait International Airport, which continued until the end of the third quarter. With Jazeera Airways returning to profitability earlier than expected, our outlook remains positive. However, we are also cautious about what the local aviation sector may face in the future. We are confident that the travel movement will return to 2019 level in the near future, but we are working with caution to ensure the safety of our customers and employees. Nevertheless, the worst has become a matter of the past.” Boodai indicated the Jazeera Airways team succeeded in facing one of the longest global crises to ensure the continuity of the company’s business, adding that he expects next year to witness further expansion of Jazeera Airways’ network of destinations as the world emerges from this pandemic.
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