Jazeera Airways Reports Strong 9-Month Performance Amidst Industry Challenges

Jazeera Airways has announced a commendable KD13.27 million in Group Net Profit for the first nine months of 2023, showcasing resilience in a challenging aviation landscape. Despite tough regulatory and geopolitical conditions, the airline achieved a 35.78% market share, outperforming the same period in 2022 by 17%.

Financially, total revenues for the period rose by 12.8% to KD158.9 million from KD140.8 million in 2022, with an operating profit of KD18.08 million. Passenger numbers surged by 35.6%, reaching 3.5 million, and the load factor increased to 79% compared to 76.4% last year.

Marwan Boodai, Chairman of Jazeera Airways, noted, “Despite the tough regulatory, geo-political, and regional landscape, we carried a record number of passengers, delivered a strong load factor, and built an attractive network of destinations that resulted in Jazeera having the biggest market share in our home base of Kuwait.”

The third quarter saw Jazeera Airways launching direct flights to Islamabad and Tehran, expanding its reach to 64 destinations. Two additional aircraft joined the fleet, bringing the total to 22 aircraft operating across the Middle East, Central and South Asia, Africa, and Europe.

In an environmentally conscious move, Jazeera became the first low-cost carrier in the Middle East to switch from plastic to eco-friendly food service ware in-flight, contributing to its goal of achieving net-zero emissions by 2050.

While the outlook for 2023 remains positive, Jazeera acknowledges challenges such as overcapacity affecting yields. The airline continues to explore new destinations, expand its fleet, and implement initiatives for growth, particularly in Iran, Iraq, Saudi Arabia, and Eastern Europe.

Amidst industry recognition, Jazeera Airways was listed in the first Fortune 500 Arabia compilation, recognized in the Best Workplaces in Asia 2023, and received an ICT Leadership Award for embracing digital transformation in its operations.