Jazeera Airways posts 66.1 pc growth in profit in Q3 2024

Record summer demand boosts low-cost carrier
2024-11-05
/
/ New Delhi
Jazeera Airways posts 66.1 pc growth in profit in Q3 2024

Total passenger traffic for the year-to-date climbed to 3.7 million, a 3.9 pc year-over-year increase

Kuwait’s low-cost carrier Jazeera Airways says its Q3 2024 results show a 66.1 pc increase in profits, driven by strong summer demand, fleet expansion and operational enhancements.
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Jazeera Airways, a low-cost airline based in Kuwait, has announced a robust third-quarter financial performance for 2024, marking a net profit of KWD 11.6 million (USD 37 million), up 66.1 pc from Q3 2023.

According to a press statement by Jazeera, operating revenue for the quarter also increased, reaching KWD 64.6 million, a 5.7 pc rise attributed to strong summer travel demand. 

Passenger numbers hit 1.4 million, a 1.8 pc increase from last year, with load factors remaining high at 80.6 pc. Jazeera’s Terminal 5 also saw a revenue boost of 5.8 pc, driven by increased passenger traffic and improved passenger services.

The first nine months of 2024 continued this positive momentum, with cumulative operating revenues up 2.9 pc to KD 163.5 million, while EBIT grew by 14.5 pc to KD 20.7 million. 

Total passenger traffic for the year-to-date climbed to 3.7 million, a 3.9 pc year-over-year increase.

The statement adds that the third quarter of 2024 was one of Jazeera Airways’ busiest on record. In early July, the airline expanded its fleet to 24 aircraft, boosting capacity to meet high demand. 

Operational efficiency also improved, with On Time Performance (OTP) reaching 80 pc, up from 65 pc in Q3 2023. 

Kuwait’s low-cost airline Jazeera Airways says it has registered a strong growth in the first quarter of 2023. In a press statement, the airline says that passenger traffic registered an increase of 56.6 pc to 1.1 million in the current quarter and load factor reached 82.1 pc, an increase of 6.9 pc compared to Q1 2022. According to the statement, a net profit of USD 7 million for the first quarter of 2023 as opposed to USD 12 million in the same period in 2022, when the fares were far higher as a result of the strong post-pandemic demand. “2023 has started off on a positive note for Jazeera Airways. Despite fuel prices putting pressure on margins for the first quarter, a continued focus on operating costs enabled us to deliver profits in line with our aggressive growth targets and on the track to be a fantastic year. Load factor in this quarter reached 82.1 pc, the highest ever for Jazeera in any quarter, especially for Q1 which is typically not the strongest. This demonstrates the strength of our business model and sound validation from our customers,” says Marwan Boodai, Chairman, Jazeera Airways. The airline statement goes on to add that over the next few months of the current financial year, Jazeera will welcome four additional aircraft into its fleet. Jazeera Airways ordered an Airbus simulator after receiving the designation of an ‘Approved Training Organisation’ from Kuwait's Directorate General of Civil Aviation (DGCA) last year. This simulator, which is anticipated to be deployed by the end of 2023, will allow for internal pilot training and oversight to guarantee the highest standards of safety for both crew and passengers. The airline also plans to work with a training facility recognised by the European Aviation Safety Agency (EASA) to start its own Multi-Pilot License (MPL) programme.

Marwan Boodai

“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,” says Marwan Boodai, Chairman, Jazeera Airways.

Alongside operational growth, Jazeera has introduced new menu items to enhance the onboard dining experience, which it says is part of a broader commitment to customer satisfaction.

The statement adds that Jazeera also managed to uphold service reliability amid global disruptions, including a significant IT outage and regional geopolitical issues.

Jazeera Airways says it will operate year-round flights to Larnaca and Sharm El Sheikh and has resumed routes to Ahmedabad and Thiruvananthapuram, with plans to add Bhairahawa soon. 

Although the remainder of the year looks optimistic, the airline’s continued success will depend partly on regional stability. 

Maintaining this growth trajectory, Jazeera Airways says it aims to expand its network and transform the business in the coming years.

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