After exceeding the minimum requirements for liquidity and market capitalisation in the two previous consecutive years, Kuwait-based low-cost carrier Jazeera Airways said its share was upgraded to the Premier Market of Boursa Kuwait.
Jazeera is the only listed company to receive an upgrade. It has announced an ambitious growth plan to increase its fleet from 17 aircraft today to over 35 by 2025 to support its network expansion.
Chairman Marwan Boodai expressed delight at seeing Jazeera Airways listed among the largest Kuwaiti companies at Boursa Kuwait.
“As the only company at Boursa Kuwait to offer investors access to the growing travel and aviation sector, the upgrade confirms the success of the company’s strategy and business model which positively contributes to the local economy,” he noted.
At the end of 2021, the airline had completed an order with Airbus for 28 new aircraft: twenty A320neos and eight A321neos. The order is valued in excess of $3.3 billion at list prices.
Boodai attributed Jazeera’s continued growth to its team of experienced professionals who have been successful at overcoming regional and global challenges over the past years.
“As we continue to move forward, the Board and Executive Management remain focused at creating value investment opportunities that attract local and foreign investors,” he stated.
In 2020, Jazeera’s liquidity exceeded the minimum requirement of KD216.0 thousand by Boursa Kuwait, reaching KD 235.5 thousand. In 2021, the company’s liquidity reached KD402.8 thousand, exceeding the KD281.0 thousand benchmark set by Boursa Kuwait for the year.
As for the market capitalization, Jazeera’s market capitalization stood at KD157.3 million in 2020, twice the minimum requirement of KD78 million for companies listed on the Premier Market at Boursa Kuwait.
In 2021, the company’s market capitalization increased to KD283.8 million, over four times the minimum requirement by Boursa Kuwait.