Kuwaiti low-cost airline and freight service provider Jazeera Airways’ bottomlinefell 47.7% y-o-y in 3Q 2023 to KWD 7 mn, as it saw its income impacted by lower yield and higher operating costs, according to its earnings presentation (pdf). The airline’s revenue for the quarter also fell 3.4% y-o-y to KWD 61.1 mn. The carrier’s 9M 2023 bottomline also fell 36% y-o-y to KWD 13.27 mn, while its 9M revenues increased 12.8% y-o-y to KWD 158.9 mn, according to an earnings release. quarterly financials (pdf).

The airline hit records for passenger + aircraft movement: Jazeera Airways saw its most active quarter in the history of Jazeera in respect to passenger movement with an increase of 35.6% y-o-y in passenger numbers in 3Q, according to the presentation. Meanwhile, aircraft movements rose to their highest in the airline’s history in 9M 2023, with 13.2k movements. The carrier added new routes to Moscow, Samarkand, Larnaka, Sphinx (Cairo), Shiraz, Tivat, Belgrade, Tirana, Islamabad, and Tehran, it added.

And its revenues from cargo rose during the quarter: Cargo revenues rose during the quarter 10.6% y-o-y to KWD 555k, according to the presentation.

Looking ahead: The airline maintains a “cautious outlook” for the rest of the year, as i8t forecasts depressed yields in 4Q 2023 on the back of overcapacity in the market, coupled with higher passenger movement, it said. The carrier is eyeing adding more routes in Iran, Iraq, Saudi Arabia, and the Eastern European region, and plans to launch routes to new destinations in 2024, according to the presentation. It also plans to maintain focus on cost control during the final quarter of the year, the presentation said.

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