November 7, 2024 TnH Global

Jazeera Airways Posts Strong 3Q 2024 Financial Performance

66.1% increase in 3Q 2024 net profit at KD 11.6 million, passenger numbers grow to 1.4 million
9M 2024 net profit up 8.2% to KD 14.4 million

Jazeera Airways today announced a strong set of financial results for the third quarter of 2024, achieving a net profit of KD 11.6 million—and posting a 66.1% increase compared to the same period last year. Group operating revenue also saw growth, reaching KD 64.6 million, reflecting a 5.7% increase.

Fueled by strong summer travel demand, passenger traffic grew to 1.4 million, representing a 1.8% increase from 3Q 2023, with load factors at 80.6%. The increased passenger numbers and passenger mix led to an 5.8% revenue increase at Jazeera Terminal 5 (T5).

Jazeera Airways’ performance for the nine months of 2024 demonstrates continued momentum, with operating revenues climbing 2.9% to KD 163.5 million. EBIT rose by 14.5% to KD 20.7 million, while passenger traffic for the nine-month period reached 3.7 million, a 3.9% increase, with a load factor of 78.1%.

Financial and Operational Highlights

3Q 2024

◆ Operating revenue: KD 64.6 million, up 5.7% from 3Q 2023

◆ EBIT: KD 12.7million, up 45.4% from 3Q 2023

◆ Net profit: KD 11.6 million, up 66.1% from 3Q 2023

◆ Passengers: 1.4 million, up 1.8% from 3Q 2023

◆ Load factor: 80.6%

9M 2024

◆ Operating revenue: KD 163.5 million, up 2.9% from 9M 2023

◆ EBIT: KD 20.7 million, up 14.5% from 9M 2023

◆ Net profit: KD 14.4 million, up 8.2% from 9M 2023

◆ Passengers: 3.7 million, up 3.9% from 9M 2023

◆ Load factor: 78.1%

Marwan Boodai, Chairman of Jazeera Airways, said: ” Our results for the third quarter of this year reflect our unwavering commitment to enhancing connectivity through Kuwait’s air hub and supporting the local economy. By expanding our network and transforming our service offerings, we are not only ensuring sustained growth for Jazeera Airways but also contributing to the broader Kuwait aviation story and making travel more affordable and accessible. We are excited about the future as we continue on this growth trajectory, connecting more destinations and providing valuable services that benefit both our passengers and the community.”

Third Quarter 2024 – Operational Review

Jazeera Airways concluded the third quarter of 2024 with one of the busiest summers on record, achieving significant milestones in both passenger numbers and flights handled. In early July, the airline expanded its fleet to 24 aircraft with the addition of a new plane, enhancing its capacity to meet the rising travel demand. Jazeera’s On Time Performance (OTP) also grew from 65% in 3Q 2023 to 80% in 3Q 2024.

In a continued effort to elevate the customer experience, Jazeera introduced a selection of new meals and upgraded its existing menu, ensuring passengers enjoy a diverse and satisfying dining experience during their travels.

Despite facing geopolitical challenges and a major global IT outage, Jazeera Airways maintained its focus on safety and operational excellence, successfully navigating these hurdles to deliver reliable service to its passengers.

Outlook for 2024

Starting from this winter, Jazeera Airways is operating year-round flights to Larnaca and Sharm El Sheikh.

The airline has also restarted flights to Ahmedabad and Thiruvananthapuram and will be connecting with Bhairahawa very soon.

While the outlook for the rest of the year is positive, it is also contingent on the geopolitical situation in the region. By sustaining the current momentum, Jazeera Airways is set to expand further and transform the business in the coming future.