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Jazeera Airways announced H1 2020 Earnings

Jazeera Airways recently announced its earnings for the first half (H1) of this year, which was affected by the Covid-19 pandemic for the majority of the period.

Commercial flights at Kuwait International Airport were suspended for close to five months from March 13 to July 31 while operations resumed on August 01 with limited capacity and a mandated 14-day quarantine for all incoming passengers.

 “This year is without a doubt an exceptional year with the impact of the Covid-19 pandemic affecting every sector of the economy, and to the largest extent, the travel and tourism sector worldwide,” said Marwan Boodai, chairman, Jazeera Airways. “We have taken full responsibility to ensure our business continuity as a private company at a very early stage of the pandemic. We implemented immediate decisive measures to safeguard our financial position and liquidity including the suspension of the 2019 dividend payment, activating the drawdown of bank facilities that were not previously tapped and renegotiating cost structures with our suppliers.”

 The Company ended the period with a cash balance of KD27,9 million.

 Operating revenue for H1 2020 was KD26,7 million and the net loss was KD9,9 million. Number of passengers flown was 540,277 which include passengers of scheduled commercial flights from January 01 to March 12, as well as passengers of expatriation flights during the suspension period. Operationally, the company registered KD4,9 million in operating loss and a load factor of 68.3 percent.