Jazeera Airways Co. KSC

03/20/2024 | Press release | Distributed by Public on 03/21/2024 00:07

Jazeera Airways holds AGM and EGM for 2023

- Continuing growth with focus on unit cost

- Board of Directors to include one more member

Kuwait, 20 March 2023

Jazeera Airways held its Annual General Meeting (AGM) and Extraordinary General Meeting (EGM) at its headquarters in Kuwait today. During the AGM, the shareholders of Jazeera Airways approved the company's financials for the year ended 31st December 2023, reporting a net profit of KD 6.13 million and earnings per share of KD 27.86 fils. Passenger numbers for 2023 were higher by 30.6% at 4.68 million compared to the previous year while load factor also increased to 78.2%.

Marwan Boodai, Chairman, Jazeera Airways, said: "Jazeera's strength and spirit has been tested several times in the last few years. We however, continue to demonstrate operating resilience. Last year again, was challenging but our ongoing focus on unit cost, high load factor and growing market share helped retain our strong position in a highly competitive environment. Our solid business model and service quality always emerge successful and we are already seeing a good start to 2024."

At the EGM, shareholders approved an amendment to the Article of Association allowing to increase the Board of Directors from 8 members to 9.

2024 Outlook

The outlook for the current year remains positive as Jazeera Airways continues to add new destinations to its network and aircraft to its fleet. By 2028, Jazeera Airways expects to increase its network to reach 100 destinations while its fleet size is scheduled to grow to 35 aircraft. The airline's load factor is also anticipated to cross 80% by next year.

By 2025, Jazeera Airways plans to have a new hangar to conduct high level maintenance checks. With the increasing requirements of the steadily growing number of passengers, several expansion and infrastructure projects are also in the pipeline.