Home Flying High Jazeera Airways reports 66.1 per cent increase in profit in Q3 2024

Jazeera Airways reports 66.1 per cent increase in profit in Q3 2024

Jazeera Airways

Jazeera Airways has reported 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 per cent increase compared to the same period last year. Group operating revenue also saw growth, reaching KD 64.6 million, reflecting a 5.7 per cent increase.

Fueled by strong summer travel demand, passenger traffic grew to 1.4 million, representing a 1.8 per cent increase from 3Q 2023, with load factors at 80.6 per cent. The increased passenger numbers and passenger mix led to a 5.8 per cent 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 per cent to KD 163.5 million. EBIT rose by 14.5 per cent to KD 20.7 million, while passenger traffic for the nine-month period reached 3.7 million, a 3.9 per cent increase, with a load factor of 78.1 per cent.

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.”

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 per cent in 3Q 2023 to 80 per cent 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.

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.