Jazeera Airways has also achieved an on-time performance (OTP) of 88 pc for this quarter, compared to 83 pc in 2Q last year
Kuwaiti low-cost airline Jazeera Airways has announced positive results for the second quarter and mid-year 2024, with a net profit of KD 5.4 million (USD 17.6 million) for Q2 2024. The profits in the quarter were also enough to erase the first quarter’s losses and allowed the airline to end the first half of the current year in the black with a net profit of KD 2.7 million.
In a press statement, Jazeera Airways says this marked a 37.3 pc growth over the same period last year. The group’s operating revenue also saw a significant increase of 6.2 pc, reaching KD 52.6 million.
The airline adds that, driven by the strong demand for summer and Hajj travel, passenger traffic soared by 6.5 pc to 1.1 million compared to Q2 2023.
Jazeera says that by operating 23 aircraft to 61 destinations this quarter, it has established a market share of 28.8 pc at the Kuwait International Airport.
The statement adds that Jazeera Airways has also achieved an on-time performance (OTP) of 88 pc for this quarter, compared to 83 pc in 2Q last year.
The airline says that the successful renewal of Jazeera’s IATA Operational Safety Audit (IOSA) certification has reaffirmed its safety and operational efficiency.
Growth in passengers and an improved commercial footprint has delivered a 15.8 pc revenue increase at Jazeera Terminal 5 (T5).
The airline says that its mid-year results reinforce its positive trajectory, with total group revenue in the first six months of 2024 up by 1.1 pc to KD 98.9 million compared to H1 2023.
Passenger traffic for H1 2024 grew by 5.3 pc to 2.3 million, maintaining a strong load factor of 76.6 pc and market leadership with a 28.8 pc share, says the airline, adding that T5 revenues also climbed by 14.4 pc to KD 6.6 million.
Marwan Boodai
“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,” says Marwan Boodai, Chairman of Jazeera Airways.
“Our solid operational growth, evidenced by increasing passenger volumes, new routes, and a strong OTP of 88 pc, 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,” Boodai adds.
Jazeera Airways says that its strong second quarter results came despite regional airspace challenges and flooding at Dubai International Airport.
The airline says it has expanded its network with two new routes to Krakow in Poland and Batumi in Georgia, both direct from Kuwait.
It says that the outlook for the remainder of 2024 continues to be strong while dependent on the geopolitical environment.