Jazeera Q3 Earnings Soar on Passenger Gains
Things are looking good for Kuwait-based Jazeera Airways (J9) after a positive third quarter.
Things are looking good for Kuwait-based Jazeera Airways (J9) after a positive third quarter.
DALLAS – Jazeera Airways' (J9) net profit jumped 14% in Q3 over 2021 results, and it carried more passengers as it emerged from coronavirus-induced travel disruptions.
The airline's total revenue for the period reached KD140.8m, (US$454.8m) up 197.9% from the comparable period, while operating profit stood at KD25.96m (US$83.8m), up 1571%.
Quarterly and year-to-date earnings were helped by a record of 1.1 million passengers carried in Q3. The total number of passengers for the first nine months was 2.6 million, with a load factor of 76.4% for that period.
Jazeera was the largest operator at Kuwait International Airport (KWI) with 20,161 flight movements.
Jazeera Airways Chairman Marwan Boodai said, “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.”
Catering to increased demand in various market segments, Jazeera initiated six new routes in Q3. Four of the routes, to Abha (AHB), Ha’il (HAS), El Qatada (ELQ), and Taif (TIF), meet the demand for increased travel and tourism to Saudi Arabia.
A new route to Xian (XIY), China’s third-largest city, was also launched, and a second direct route, to Uzbekistan’s third-largest city, Namangan (NMA), came online.
Jazeera is now also part of the flight shuttle program for the FIFA World Cup 2022 in Qatar, with flights between Kuwait (KWI) and Hamad International Airport (DOH) in Doha for all matches between November 21st and December 18th.
Featured image: Jazeera Airways 9K-CAN Airbus A320. Photo: Pablo Gonzalez/Airways
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