Jazeera Airways announces record KD20.77 million in net profit in nine months period of 2022

-       Operating revenue reaches KD140.8 million

-       Passengers increase by 410% from same period last year

Kuwait, October 31, 2022: Jazeera Airways today reported a group net profit of KD20.77 million for the nine months period (9M) of 2022, up from a net profit of KD0.071 million in the first nine months of 2021. Total revenue for the period reached KD140.8 million, up 197.9% from the comparable period, while operating profit stood at KD 25.96 million, up 1571%.

The airline’s flight movement at Kuwait International Airport reached 20,161 flights during the period making Jazeera the largest carrier operating at the airport.

The nine months earnings were supported by a strong increase in operations during the summer season with the airline carrying a record number of passengers of 1.1 million passengers in the third quarter and bringing the total number of passengers in the nine months period to 2.6 million. Load factor reached an average of 80.1% in the third quarter and 76.4% for the nine months period, a 15.7% increase over last year.

Operations at the Jazeera Terminal (T5) at Kuwait International Airport saw a surge in activities, with retail lease revenue increasing by 27.0% and duty free revenue increasing from KD145,351 in the first nine months of 2021 to KD3.3 million for the same period in 2022.

Jazeera Airways Chairman, Marwan Boodai commenting on the results by saying: “Appetite for travel increased significantly during the peak summer season, exceeding the numbers of passengers that flew with us during the record year of 2019. We have restored our business post-pandemic and made strong growth as reflected in our financial performance. This has been stimulated operationally with the launch of 11 new routes since the beginning of the year and bringing an additional two aircraft into the fleet.”

During 9M 2019, the last full comparable period before COVID-19, Jazeera carried 0.703 million passengers and reported a net profit of KD9.9 million.

Financial and Operational Highlights

Third Quarter Review

Jazeera launched six new routes during the quarter, catering to an increase in demand from different market segments.

Four of these routes served the increasing demand for travel and tourism in Saudi Arabia: Abha, Hail, Qassim and Taif.

The airline also launched its second direct route to Uzbekistan, specifically to its third largest city, Namangan, located in the eastern area of the country. A new route was also launched to China with the launch of direct flights to Xian, Western China’s third largest city with a population of over 12 million people and the most populous city in Northwest China.

Jazeera has also joined the flight shuttle program for the FIFA World Cup 2022 in Qatar, with flights between Kuwait and Hamad International Airport, Doha for all matches between November 21^st and December 18^th.

As part of the international disaster flood relief efforts for Pakistan by the Kuwait Red Crescent Society, Jazeera continued to offer support, pledging to carry over 2.5 tons of cargo, containing medical supplies and necessary equipment donated by the people of Kuwait to the people of Pakistan.

2022 Outlook

Jazeera continues to move forward with its expansion plans with the delivery of two A320neo aircraft in Q3 as part of its order for 20 A320neos and 8 A321neos. The delivery of these future aircraft will increase the airline’s fleet to 35 in the coming years, and support the airline’s network expansion in the Middle East, Asia and Europe.