Jazeera Airways has posted its second quarter and mid-year 2024 results, reporting exceptional growth across the board despite difficulties such as flooding at Dubai Airport.
“We are pleased to share these exceptional results for the second quarter of 2024,” commented Marwan Boodai, Chairman of Jazeera Airways. “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.”
Jazeera reported a net profit of KWD 5.4 million for 2Q 2024, an increase of 37.3% compared to 2Q 2023. Equally, group operating revenue increased to KWD 52.6 million, a 6.2% growth.
Passenger traffic has increased for the airline by 6.5% compared to the same period last year, to 1.1 million. This is likely due to increasing demand for summer, Eid, and Hajj travel and an additional two routes to Krakow (Poland) and Batumi (Georgia), both from Kuwait. At this point in time, Jazeera operates 23 aircraft to 61 destinations. It has a leading market share of 28.8% at the Kuwait International Airport.
Regarding the mid-year results, group revenue increased by 1.1% to KWD 98.9 million compared to 1H 2023, despite a one-time loss of KWD 2.5 million due to a foreign exchange devaluation in March 2024. Passenger traffic grew by 5.3% to 2.3 million in 1H 2024, and T5 revenues increased by 14.4% to KWD 6.6 million.
Boodai added: “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.”
Photo: Jazeera Airways
