Jazeera Airways Reports 7.1 Million Dinars Net Profit in Q3 2026
Jazeera Airways announced a net profit of 7.1 million dinars in the third quarter of 2026, a 47.4% decrease compared to the previous year.
Translated by Qiyas from السياسة — Original source
Kuwait Airways announced on Monday that it posted net profits of 7.1 million Kuwaiti dinars (approximately $22.5 million) in the third quarter of 2026, with earnings per share of 32.32 fils, representing a 47.4 percent decline compared to the same period in 2025.
In a press statement, the company’s chairman, Marwan Boudi, said the group’s operating revenues reached 62.1 million dinars (approximately $199 million), a 10.6 percent drop compared to the same period last year.
Boudi explained that these results reflect the challenges the company faced in an operational environment affected by geopolitical instability in the region and a sharp rise in fuel prices, as well as operational constraints, including the airport’s operating hours being limited until September 20.
He noted that the average price of jet fuel rose by 55 percent to reach $139 per barrel, compared to $90 per barrel during the same period last year, leading to a 28 percent increase in fuel costs despite an 18 percent reduction in operational flight hours.
He added that all these conditions, along with reduced operational capacity and adjustments to the route network, contributed to a decline in passenger numbers, aircraft utilization rates, and profitability.
Boudi stated that third-quarter profits were impacted by salary expenses of 1.4 million dinars (approximately $4.5 million), incurred by the company during the preparation phase to operate its own ground handling services, prior to obtaining the necessary license in October.
He pointed out that during the third quarter of this year, the company carried 1.07 million passengers, a 26.3 percent decrease compared to the same period in 2025, noting that the seat load factor fell by 3.1 percentage points to reach 74.9 percent.
Boudi noted that Kuwait Airways recorded group operating revenues of 177.9 million dinars (approximately $572 million) for the first nine months of 2026, a 3.7 percent increase compared to the same period last year, while net profits amounted to 15.7 million dinars (approximately $50 million), a 32 percent decline, with earnings per share of 71.41 fils.
