Jazeera Airways’ third-quarter profit soars on growing travel demand
Jazeera Airways, based in Kuwait Third-quarter net profit jumped 14% year-on-year as it carried more passengers and emerged from coronavirus-induced travel disruptions.
The of the company Net profit for the July-September period jumped to nearly 13.4 million Kuwaiti dinars ($43.2 million).
Its turnover during the period increased by 99.3% to 63.2 million dinars, the company said in a statement on Monday. The operating result stood at 16.1 million dinars, or 25.7% more than in the third quarter of 2021.
“The appetite for travel has increased significantly during the peak summer season, surpassing the number of passengers who flew with us in the record year of 2019,” said Marwan Boodai, President of Jazeera Airways.
“We have restored our business after the pandemic and achieved strong growth, as evidenced by our financial performance. This has been boosted operationally with the launch of 11 new routes since the start of the year and the addition of two additional aircraft to the fleet.
Jazeera Airways’ nine-month net profit to September 30 reached nearly 20.8 million dinars, compared to 71,000 dinars in the same period last year. The total turnover for the period reached 140.8 million dinars, up 198% compared to the comparable period last year.
The airline’s flight movement at Kuwait International Airport reached 20,161 flights during the January-September period, making Jazeera the largest carrier operating at the airport.
Nine-month profits were supported by a surge in operations during the summer season, with the airline carrying a record 1.1 million passengers in the third quarter and bringing the total number of passengers in the nine-month period at 2.6 million.
In the first nine months of 2019, the last full comparable period before Covid-19, Jazeera carried 703,000 passengers and posted a net profit of 9.9 million dinars.
Load factors averaged 80.1% in the third quarter and 76.4% for the nine-month period, the airline said.
Jazeera launched six new routes during the quarter, responding to increased demand from different market segments.
Four of these routes served the growing demand for travel and tourism in Saudi Arabia – Abha, Hail, Qassim and Taif.
Jazeera has also joined the shuttle bus program for the 2022 FIFA World Cup in Qatar, with flights between Kuwait and Hamad International Airport in Doha, for all matches between November 21 and December 18.
The airline said it “continues to move forward with its expansion plans with the delivery of two A320neos” in the third quarter as part of its order for 20 A320neos and 8 A321neos.
The delivery of these aircraft will increase the airline’s fleet to 35 in the coming years and support the expansion of the airline’s network in the Middle East, Asia and Europe.
Updated: October 31, 2022, 1:51 p.m.