Jazeera Airways reports strong 2Q & mid-year 2024 results, achieves 37% profit growth, BA

Jazeera Airways has reported exceptional financial and operational performance for the second quarter and mid-year 2024, showcasing resilience and strategic growth. The airline recorded a robust 37.3 per cent year-on-year increase in net profit for Q2 2024, amounting to KD 5.4 million, driven by a strong uptick in passenger traffic and operational efficiency.

The group’s operating revenue for Q2 2024 reached KD 52.6 million, marking a 6.2 per cent increase compared to the same period in 2023. This growth was largely fueled by a 6.5 per cent rise in passenger numbers, with 1.1 million travelers choosing Jazeera Airways during this period, buoyed by strong demand for summer and Hajj travel. Operating 23 aircraft across 61 destinations, Jazeera Airways secured a commanding 28.8 per cent market share at Kuwait International Airport.

Jazeera Airways also achieved an impressive On-Time Performance (OTP) of 88 per cent for Q2 2024, up from 83 per cent in Q2 2023, underscoring the airline’s commitment to operational excellence and customer satisfaction. This strong performance is further validated by the successful renewal of the IATA Operational Safety Audit (IOSA) certification, highlighting Jazeera’s focus on safety and efficiency.

The airline’s mid-year results for 2024 reaffirm its positive trajectory, with total group revenue reaching KD 98.9 million, a slight increase of 1.1 per cent from the first half of 2023. Despite facing a one-time loss of KD 2.5 million due to a foreign exchange devaluation in March 2024, Jazeera Airways maintained strong passenger traffic growth of 5.3 per cent for 1H 2024, serving 2.3 million passengers with a load factor of 76.6 per cent. Jazeera Terminal 5 (T5) also saw revenue growth of 15.8 per cent in Q2 2024, driven by an improved commercial footprint and a 14.4 per cent increase in mid-year revenues to KD 6.6 million.

Marwan Boodai, Chairman of Jazeera Airways, commented on the airline’s performance, stating, “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 per cent, sets a promising tone for the remainder of the year.”

The airline’s expansion continued in Q2 2024, with the introduction of new routes to Krakow, Poland, and Batumi, Georgia, both direct from Kuwait. These additions reflect Jazeera’s ongoing commitment to expanding its network and enhancing connectivity.

Looking ahead, Jazeera Airways remains optimistic about maintaining its growth momentum throughout the remainder of 2024, with plans to further expand its destination offerings and continue its transformation initiatives. The airline’s focus on safety, customer experience, and innovation is expected to drive sustained financial and operational growth, ensuring value for stakeholders.