Jazeera Airways rebounds with strong 2Q and mid-year 2024 results

Jazeera Airways is excited to announce exceptional results for the second quarter and mid-year 2024. Demonstrating remarkable resilience, Jazeera reported a net profit of KD 5.4 million for 2Q 2024, marking a robust 37.3% growth over the same period last year. Group operating revenue also saw a significant increase of 6.2%, reaching KD 52.6 million.

Driven by the strong demand for summer and Hajj travel, passenger traffic soared by 6.5% to 1.1 million compared to 2Q 2023. Operating 23 aircraft to 61 destinations this quarter, Jazeera established a leading market share of 28.8% at the Kuwait International Airport.

Jazeera Airways achieved an impressive On-Time Performance (OTP) of 88% for this quarter, compared to 83% in 2Q last year, demonstrating our commitment to operational excellence and enhancing our customer experience. The successful renewal of Jazeera’s IATA Operational Safety Audit (IOSA) certification also reaffirms the airline’s focus on safety and operational efficiency. Growth in passengers and an improved commercial footprint delivered 15.8% revenue increase at Jazeera Terminal 5 (T5).

The mid-year results reinforce our positive trajectory, with total group revenue up by 1.1% to KD 98.9 million compared to 1H 2023. This is despite a one-time loss of KD 2.5 million due to a foreign exchange devaluation in March 2024. Passenger traffic for 1H 2024 grew by 5.3% to 2.3 million, maintaining a strong load factor of 76.6% and market leadership with a 28.8% share. T5 revenues also climbed by 14.4% to KD 6.6 million.

Financial and Operational Highlights

Marwan Boodai, Chairman of Jazeera Airways, commented: “We are pleased to share these exceptional results for the second quarter of 2024. Despite starting the year with break-even performance amidst external challenges, our resilience and strategic focus have propelled us to profitability in both the second quarter and the first half of the year. Our solid operational growth, evidenced by increasing passenger volumes, new routes, and a strong OTP of 88%, sets a promising tone for the remainder of the year. We are steadfast in our commitment to expanding our markets and improving our financial performance for the benefit of all our stakeholders.”

Second Quarter 2024 – Operational Review:

Jazeera Airways delivered robust results in 2Q 2024, overcoming regional airspace challenges and flooding at Dubai International Airport. We expanded our network with two exciting new routes to Krakow, Poland, and Batumi, Georgia, both direct from Kuwait. This quarter saw heightened passenger traffic driven by peak summer, Eid, and Hajj travel.

Successfully completing the IATA Operational Safety Audit (IOSA) and renewing our certification underscores our unwavering commitment to the highest standards of safety, quality, and operational efficiency.

2024 Outlook:

The outlook for the remainder of 2024 continues to be strong while dependent on the geopolitical environment. Jazeera Airways is set to maintain this momentum by adding more destinations and transforming the business. Our determined focus on safety, customer experience, and innovation ensures that we continue to prioritize both financial and operational growth, with constant improvements to our products, services, and Jazeera Terminal 5.