Jazeera Airways sees US$247,966 million in net profit in nine months period

Jazeera Airways has reported a group net profit of KD20.77 million (US$247,966 million) for the nine months period (9M) of 2022.

Jazeera Airways Chairman, Marwan Boodai. Image: Jazeera Airways

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.”