Jazeera Airways has reported outstanding financial and operational results for the second quarter and the first half of 2024, showcasing the airline’s resilience and growth. Despite a challenging start to the year, Jazeera’s strategic initiatives have driven a remarkable turnaround, with significant increases in profits and passenger numbers.
In the second quarter of 2024, Jazeera Airways achieved a net profit of KD 5.4 million, representing a robust 37.3% increase compared to the same period last year. Group operating revenue also saw a substantial growth of 6.2%, reaching KD 52.6 million. This success was driven by a 6.5% rise in passenger traffic, reaching 1.1 million, thanks to strong demand for summer and Hajj travel.
Operating with a fleet of 23 aircraft across 61 destinations, Jazeera Airways secured a leading market share of 28.8% at Kuwait International Airport. The airline’s commitment to operational excellence was highlighted by an impressive On-Time Performance (OTP) of 88%, up from 83% in the previous year, enhancing the customer experience significantly. The successful renewal of the IATA Operational Safety Audit (IOSA) certification further underscores Jazeera’s dedication to safety and efficiency.
Jazeera Terminal 5 (T5) also witnessed remarkable growth, with a 15.8% increase in revenue due to rising passenger numbers and an expanded commercial footprint.
The mid-year results reaffirm Jazeera Airways’ positive trajectory, 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 a foreign exchange devaluation in March 2024, passenger traffic grew by 5.3% to 2.3 million, maintaining a strong load factor of 76.6% and market leadership with a 28.8% share. T5 revenues climbed 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 2.7 million, 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, stated, “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.”
Second Quarter 2024 – Operational Review:
Jazeera Airways demonstrated strong results in 2Q 2024, overcoming regional airspace challenges and flooding at Dubai International Airport. The airline expanded its network with two new routes to Krakow, Poland, and Batumi, Georgia, both direct from Kuwait. The quarter saw increased passenger traffic driven by peak summer, Eid, and Hajj travel. Successfully completing the IATA Operational Safety Audit (IOSA) and renewing certification highlights Jazeera’s commitment to the highest standards of safety, quality, and operational efficiency.
2024 Outlook:
Looking ahead, Jazeera Airways remains optimistic about the remainder of 2024, contingent on the geopolitical environment. The airline plans to maintain its momentum by adding more destinations and transforming the business. With a determined focus on safety, customer experience, and innovation, Jazeera Airways aims to continue prioritizing both financial and operational growth, with constant improvements to its products, services, and Jazeera Terminal 5.
