Jazeera Airways Posts Strong 3Q 2024 Financial Performance
66.1% increase in 3Q 2024 net profit at KD 11.6 million, passenger numbers
grow to 1.4 million 9M 2024 net profit up 8.2% to KD 14.4 million Kuwait, 4 November 2024:
Jazeera Airways today announced 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% 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, up 45.4%
from 3Q 2023
◆ Net profit: KD 11.6 million, up
66.1% from 3Q 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.”
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.
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.
