Jazeera Airways post impressive nine-month US$67.05 million net profit

Kuwaiti carrier Jazeera Airways has posted a net profit of US$67.05 million for the first nine months of 2022, primarily as a consequence of a 410% increase in passenger numbers compared to the same period in 2021. Total revenue for the period was US$454.65 million, up 197.9% year-on-year, while operating profit stood at US$8.06 million.

The airline carrying a record number of 1.1 million passengers in the third quarter, bringing the total number in the nine months period to 2.6 million. Load factors reached an average of 80.1% in the third quarter and 76.4% for the nine months period – a 15.7% year-on-year increase.

Flight movements at Kuwait International Airport reached a total of 20,161 during the period which made Jazeera Airways the largest carrier operating at the airport. During the first nine months of 2019, which was the last full comparable period before the start of the COVID-19 pandemic, Jazeera Airways carried 0.703 million passengers and reported a net profit of US$3.07 million.

A summary of the third-quarter results is as follows: revenue: US$19.63 million, up 99.25% from 3Q 2021, operating profit: US$5.01 million, up 25.7% from 3Q 2021, net profit: US$4.16 million, up 14% from 3Q 2021, passengers: 1.1 million, up 256.8% from 3Q 2021 and load factor: 80.1%, up 14.4% from 3Q 2021. Additionally, 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 eight A321neos.