Kuwait, 4 November 2024:
Jazeera Airways announced strong set of financial results for the third quarter of 2024 with 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, up45.4% from 3Q 2023
◆ Net profit: KD 11.6million, up66.1% from3Q 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.”
Outlook for 2024
Starting from this winter,Jazeera Airwaysis 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.
