Kuwait-listed Jazeera Airways reported a 48% drop in net profit to 6.99 million Kuwaiti dinars ($22.65 million) in the Q3 2023 compared to KWD 13.37 million a year earlier.

The net profit fell far short of analysts’ mean estimate of KWD 14 million, according to LSEG data.      

Revenue for the three months fell to KWD 61.05 million, down 3.4%, compared to KWD 63.19 million in the same period last year.

Passenger numbers grew to 1.38 million in Q3 2023, up 28.1% year-on-year (YoY).

Net profit for the nine months of 2023 fell over 36% to KWD 13.27 million from KWD 20.76 million.

Nine-month revenue, however, rose 12.85% year-on-year (YoY) to KWD 158.90 million.

The airline said that the outlook for 2023 continues to remain positive, with a consistent travel demand. Nevertheless, overcapacity in the market continues to put yields under pressure, which could impact margins.

(Editing by Brinda Darasha; brinda.darasha@lseg.com)