Kuwaiti budget carrier Jazeera Airways has turned in a strong full-year performance with a net profit of over KD20 million ($65 million).
It states that it built on a “quick return” to profitability in the second half of 2021, and points out that its financial results have exceeded pre-crisis figures.
Jazeera’s revenues reached KD182 million as its passenger numbers increased to 3.6 million – compared with 2.4 million in 2019 – and load factor climbed to 77%.
The airline says this offset a decline in yield.
Jazeera chairman Marwan Boodai says the improvement in profit was achieved despite a KD9 million rise in costs attributable to higher fuel prices, illustrating the airline’s “aggressive cost focus”.
The airline opened 15 new routes last year and its network of 58 destinations includes eight cities in India and Saudi Arabia, and two in each of Nepal and Bangladesh.
Jazeera has expanded its fleet to 19 aircraft following deliveries of two A320neos, the first pair of 28 ordered by the carrier. It expects the fleet to rise to 35 by 2026.