SINGAPORE, 6 November 2024: Jazeera Airways announced on Monday strong financial results for the third quarter of 2024, achieving a net profit of KWD11.6 million and posting a 66.1% increase compared to the same period last year.
Group operating revenue also grew, reaching KWD64.6 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 a 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 KWD163.5 million. EBIT rose by 14.5% to KWD20.7 million, while passenger traffic for the nine months reached 3.7 million, a 3.9% increase, with a load factor of 78.1%.
Jazeera Airways, Chairman Marwan Boodai 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 ensuring sustained growth for Jazeera Airways, 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 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.
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 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 soon connect with Bhairahawa.
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.
About Jazeera Airways
Jazeera Airways KSC is a Kuwaiti low-cost airline with its head office at Kuwait International Airport in Al Farwaniyah Governorate, Kuwait. It operates scheduled services in the Middle East, Nepal, Pakistan, Bangladesh, India, Sri Lanka and Europe.
