Kuwaiti low-cost airline and freight service provider Jazeera Airways ’ bottomline jumped 11.5% y-o-y in 2Q 2023 to KWD 4 mn , as it saw passengers and aircraft traffic rise to record numbers amid a rebound in travel, according to its quarterly financials (pdf). The airline’s revenue for the quarter rose 18.3% y-o-y to KWD 49.5 mn. Net income during 1H 2023, however, recorded a 15.1% y-o-y drop to KWD 6.3 mn, while revenues went up 26.1% y-o-y to KWD 97.9 mn.

The surge in revenue was underpinned by a 27% rise in passenger numbers and a record number of aircraft movements during 2Q 2023 ,according to an earnings presentation (pdf). Aircraft movements also saw peak levels of activity during the period. Jazeera also expanded its destinations during the quarter to include Cairo’s Sphinx International airport, as well as Moscow, Samarkand, Larnaca, Shiraz, Belgrade, Tirana and Tivat.

Looking ahead: The airline is set to continue expanding its network and fleet with the introduction of new summer destinations in 3Q 2023, according to the presentation. The company is also looking to reduce costs through increased efficiency and lowered lease rates — with the average A32ceo aircraft lease expected to see a 30% drop due to new contract leases and extensions, the presentation added.

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