Jazeera Airways Rebounds with Strong 2Q and Mid-Year 2024 Results
Jazeera Airways has announced outstanding results for the second quarter and mid-year of 2024, showcasing significant resilience and growth. The airline recorded a net profit of KD 5.4 million in the second quarter, representing a remarkable 37.3% increase from the same period in the previous year. Additionally, the group’s operating revenue grew by 6.2%, reaching KD 52.6 million.
The airline’s success was largely driven by increased demand for summer and Hajj travel, leading to a 6.5% rise in passenger numbers, totalling 1.1 million during the second quarter. Operating a fleet of 23 aircraft across 61 destinations, Jazeera Airways secured a dominant market share of 28.8% at Kuwait International Airport.
Jazeera Airways achieved an On-Time Performance (OTP) of 88% this quarter, up from 83% in the same quarter last year, underlining the airline’s commitment to operational excellence and enhanced customer experience. The renewal of Jazeera’s International Air Transport Association (IATA) Operational Safety Audit certification further highlights the airline’s focus on safety and efficiency. Growth in passenger numbers and an expanded commercial footprint contributed to a 15.8% increase in revenue at Jazeera Terminal 5.
Mid-year results continued this positive trend, with total group revenue rising by 1.1% to KD 98.9 million compared to the first half of 2023, despite a one-time loss of KD 2.5 million due to foreign exchange devaluation in March 2024. Passenger traffic for the first half of 2024 increased by 5.3% to 2.3 million, maintaining a robust load factor of 76.6% and market leadership with a 28.8% share. Revenues at Terminal 5 also grew by 14.4% to KD 6.6 million.
Financial and Operational Highlights
| 2Q 2024
◆ Operating revenue: KD 52.6 million, up 6.2% from 2Q 2023 ◆ Operating profit: KD 6.7 million, up 17.6% from 2Q 2023 ◆ Net profit: KD 5.4 million, up 37.3% from 2Q 2023 ◆ Passengers: 1.1 million, up 6.5% from 2Q 2023 ◆ Load factor: 74% |
1H 2024
◆ Operating revenue: KD 98.9 million, up 1.1% from 1H 2023 ◆ Operating profit: KD 8.0 million, down 14.3% from 1H 2023 ◆ Net profit: KD 2.7million, down 56.4% from 1H 2023 ◆ Passengers: 2.3 million, up 5.3% from 1H 2023 ◆ Load factor: 76.6% |
Marwan Boodai, Chairman of Jazeera Airways, expressed his satisfaction with these exceptional results, saying, “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. Our solid operational growth, evidenced by increasing passenger volumes, new routes, and a strong OTP of 88%, 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.”
In the second quarter of 2024, Jazeera Airways overcame regional airspace challenges and flooding at Dubai International Airport to deliver strong results. The airline expanded its network with new routes to Krakow, Poland, and Batumi, Georgia, both direct from Kuwait. This quarter also saw a significant boost in passenger traffic driven by peak summer, Eid, and Hajj travel. The successful completion and renewal of the IATA Operational Safety Audit underscores Jazeera Airways’ dedication to the highest standards of safety, quality, and operational efficiency.
Looking ahead, the outlook for the rest of 2024 remains promising, though subject to the geopolitical environment. Jazeera Airways is poised to continue this momentum by adding more destinations and transforming the business. The airline’s ongoing focus on safety, customer experience, and innovation ensures continuous improvements to products, services, and operations at Jazeera Terminal 5.
