Wednesday, August 14, 2024 Jazeera Airways proudly announces outstanding performance for the second quarter and mid-year 2024. Displaying strong resilience, the airline achieved a net profit of KD 5.4 million in Q2 2024, reflecting an impressive 37.
3% growth compared to the same period last year. The group’s operating revenue also saw a notable rise of 6.2%, reaching KD 52.
6 million. This success was fueled by robust demand for summer and Hajj travel, leading to a 6.5% increase in passenger traffic, totaling 1.
1 million passengers in comparison to Q2 2023. With a fleet of 23 aircraft serving 61 destinations this quarter, Jazeera Airways secured a leading market share of 28.8% at Kuwait International Airport.
The airline achieved an exceptional On-Time Performance (OTP) of 88% this quarter, up from 83% in Q2 of the previous year, showcasing our dedication to operational excellence and enhancing the customer experience. The successful renewal of Jazeera’s IATA Operational Safety Audit (IOSA) certification further highlights the airline’s focus on safety and efficiency. The rise in passenger numbers and an expanded commercial footprint contributed to a 15.
8% increase in revenue at Jazeera Terminal 5 (T5). The mid-year results confirm our positive momentum, with total group revenue rising by 1.1% to KD 98.
9 million compared to the first half of 2023. This achievement comes despite a one-time loss of KD 2.5 million due to a foreign exchange devaluation in March 2024.
Passenger traffic for the first half of 2024 increased by 5.3% to 2.3 million, maintaining a strong load factor of 76.
6% and market leadership with a 28.8% share. Additionally, T5 revenues grew by 14.
4% to KD 6.6 million. Key Financial and Operational Metrics:- Metric 2Q 2024 % Change from 2Q 2023 1H 2024 % Change from 1H 2023 Operating Revenue KD 52.
6 million Up 6.2% KD 98.9 million Up 1.
1% Operating Profit KD 6.7 million Up 17.6% KD 8.
0 million Down 14.3% Net Profit KD 5.4 million Up 37.
3% KD 2.7 million Down 56.4% Passengers 1.
1 million Up 6.5% 2.3 million Up 5.
3% Load Factor 74% – 76.6% – Marwan Boodai, Chairman of Jazeera Airways, commented: “We are pleased to share these exceptional results for the second quarter of 2024. 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.
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.” Second Quarter 2024 – Operational Overview: Jazeera Airways achieved strong results in the second quarter of 2024, successfully navigating regional airspace challenges and disruptions caused by flooding at Dubai International Airport.
We expanded our network with the launch of two exciting new routes to Krakow, Poland, and Batumi, Georgia, both offering direct flights from Kuwait. This quarter experienced increased passenger traffic, fueled by the peak travel season, including summer, Eid, and Hajj travel. Our successful completion of the IATA Operational Safety Audit (IOSA) and the renewal of our certification reaffirm our steadfast commitment to maintaining the highest standards of safety, quality, and operational efficiency.
2024 Outlook: The outlook for the remainder of 2024 remains positive, though it will be influenced by the geopolitical landscape. Jazeera Airways is poised to sustain this momentum by expanding to new destinations and transforming our business. Our unwavering focus on safety, customer experience, and innovation ensures continued emphasis on both financial and operational growth, with ongoing enhancements to our products, services, and Jazeera Terminal 5.
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