Jazeera Airways reports strong financial performance in Q3-2024

Jazeera Airways announced a strong set of financial results for the third quarter of 2024, achieving a net profit of KD 11.6 million, whilst posting a 66.1 percent increase compared to the same period last year. 

Group operating revenue also saw growth, reaching KD 64.6 million, reflecting a 5.7 percent increase.

Fueled by strong summer travel demand, passenger traffic grew to 1.4 million, representing a 1.8 percent increase from the same period last year, with load factors at 80.6 percent. 

The increased passenger numbers and passenger mix led to an 5.8% revenue increase at Jazeera Terminal 5.

Airline chair 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 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.”

Continued momentum

Jazeera Airways performance for the nine months of 2024 demonstrates continued momentum, with operating revenues climbing 2.9 percent to KD 163.5 million. 

EBIT rose by 14.5 percent to KD 20.7 million, while passenger traffic for the nine-month period reached 3.7 million, a 3.9 percent increase, with a load factor of 78.1 percent.

Operational performance during the quarter

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 percent in Q3-2023 to 80 percent in Q3-2024. 

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.