Jazeera Airways has unveiled outstanding financial results for 2024, showcasing a remarkable net profit of KD 10.2 million—an impressive 66.2% surge from the previous year. The airline’s operating revenue experienced a steady growth of 5.3%, reaching KD 208.6 million, while EBIT saw a robust 46.8% increase, standing at KD 17.3 million.

Passenger traffic hit a new record, surpassing 4.9 million travelers—a 5.1% rise from 2023—propelled by strong demand during the peak summer season. The airline also maintained a solid load factor of 78.4%, reflecting optimal seat occupancy across its network.

In Q4 2024, Jazeera Airways reported a 15% increase in group operating revenue, totaling KD 45.1 million. Notably, the airline managed to cut its quarterly losses by 41.1%, bringing them down to KD 4.2 million from KD 7.14 million in Q4 2023. This improvement was largely attributed to enhanced revenue streams and strategic efficiency measures aimed at strengthening operational performance.

Jazeera Airways’ Board of Directors has proposed a dividend payout of 40 fils per share.

Financial Highlights

2024 Key Performance Overview

• Operating revenue reached KD 208.6 million, marking a 5.3% increase
• EBIT stood at KD 17.3 million, reflecting a significant rise of 46.8%
• Net profit amounted to KD 10.2 million, showing a growth of 66.2%
• Passenger traffic hit 4.9 million, up by 5.1%
• Load factor was 78.4%, improving by 0.3%

Q4 2024 Key Performance Overview

• Operating revenue reached KD 45.1 million, up by 15%
• EBIT dropped to a negative KD 3.4 million, down by 45.6%
• Net loss stood at KD 4.2 million, a decline of 41.5%
• Passenger numbers reached 1.25 million, an 8.7% increase
• Load factor improved to 79.4%, up by 3.6%

Marwan Boodai, Chairman, Jazeera Airways, said: “Jazeera Airways’ strong performance in 2024 reflects our
strategic agility, operational excellence, and commitment to our passengers. A significant growth in profit
amid industry challenges underscores our resilience and ambition. As we drive forward with digital
transformation in 2025, we remain focused on enhancing connectivity and customer experience. We could
not have achieved this success without the exceptional support of our shareholders, passengers, dedicated
employees, and supportive stakeholders. We are excited for the journey ahead, building on this momentum
to deliver even greater value and innovation in the years to come.”

2024 Operational Overview

Jazeera Airways set a new operational benchmark in 2024, achieving a record 18,374 aircraft movements, making it the busiest airline at Kuwait International Airport for the third year running. Despite geopolitical tensions, regional airspace restrictions, and a global IT disruption during the peak summer period, the airline significantly boosted its On-Time Performance (OTP) from 74% in 2023 to 86% in 2024, ensuring passengers experienced more reliable service. The renewal of its IATA Operational Safety Audit (IOSA) certification further solidified Jazeera’s commitment to maintaining the highest safety and quality standards.

In line with its growth strategy, Jazeera expanded its network by introducing two new leisure destinations—Krakow, Poland, and Batumi, Georgia—while also reinstating flights to Bhairahawa, Nepal. The airline resumed several key seasonal routes, reinforcing its commitment to connectivity.

On the fleet front, Jazeera added a new aircraft and successfully acquired six Airbus A320 CEOs, which will help reduce operational costs and mitigate supply chain disruptions. Enhancements to the customer experience included a revamped in-flight meal offering, improved seat selection options, flexible baggage policies, and the introduction of Travel Cash, a seamless foreign currency service. Jazeera Airways also placed a strong emphasis on sustainability, ranking third globally in Open Airlines SkyBreathe® fuel-saving efficiency.

For the second consecutive year, Jazeera Airways was honored with the “Employee Wellness Advocate” award at the HR Excellence Awards, a testament to its commitment to employee well-being.

Positive Outlook

Looking ahead, Jazeera Airways is embracing digital transformation to enhance the overall customer experience. The airline plans to optimize its fleet with a new 180-seat configuration by Q3 2025, alongside the arrival of 26 new aircraft starting in 2027. Upgrades to Jazeera Terminal 5 are also in the works to accommodate the growing passenger demand. With a solid financial foundation, continued fleet expansion, and a focus on digital innovation, Jazeera Airways is primed for sustained growth into 2025, marking its 20th year of operation and beyond.

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