Board approves distribution of interim dividends of 83 fils

Kuwait: Jazeera Airways today announced its financial results for the first quarter (Q1) of 2026, reporting operating revenue of KD 45.1 million, a year-on-year decline of 15.8%. Performance during the quarter was significantly affected by the geopolitical crisis that resulted in the temporary closure of Kuwait International Airport and the suspension of all flights from Kuwait starting February 28.

Jazeera Airways delivered a strong operational performance in the first two months of the year, with stable demand and network activity across its key markets that covered around 70 destinations. During the quarter, marred by a regional disruption, total sectors operated by Jazeera Airways fell by 28.4% to 6,569 during the quarter, while capacity decreased by 27.6% to 1.1 million seats and Passenger numbers during the quarter declined only by 25.6% to 925,543. The airline subsequently recorded a net loss of KD 1.1 million, compared to a net profit of KD 4.7 million in the same period last year.

The Board of Directors recommended the distribution of interim cash dividends of 83 Fils.

With the Kuwait Airport closed for 57 days, the longest closure of any airport in the region, Kuwaiti airlines faced the greatest operational and financial strain. During this period, Jazeera Airways remained focused on one clear priority: keeping Kuwait connected to the world through Mission Barakah.

By March 11, Jazeera Airways had successfully resumed operations through an integrated overland-air corridor via Saudi Arabia, restoring connectivity to 27 destinations across 11 countries. Within days, Jazeera deployed 14 aircraft and operational assets across borders, including technical equipment and spare parts, while mobilizing more than 500 employees and coordinating over 9,000 large-scale bus movements between Kuwait and Saudi Arabia.

Through close coordination with authorities, the airline facilitated more than 1,500 flights and transported over 200,000 passengers. This dual-hub operating model enabled Jazeera Airways to sustain critical connectivity, supporting not only passenger travel, but also cargo movement, workforce mobility, and the continuity of business activity during an unprecedented period of disruption.

Jazeera Airways also established alternative hubs across five cities in Saudi Arabia and Egypt to position the airline for a strong recovery and upcoming Hajj operations, while maintaining its position as the market leader in Kuwait.

Marwan Boodai, Chairman of Jazeera Airways, said: “The first quarter of 2026 was significantly impacted by the geopolitical crisis that disrupted our operations and financial performance in March. Backed by our strong financial foundation, agile and resilient business model, together with strong Government collaboration and the extraordinary commitment of our people, we responded rapidly to this unprecedented situation in our homeland. With a clear focus on keeping Kuwait connected, we successfully launched and executed Mission Barakah yet again demonstrating Jazeera’s unwavering commitment to Kuwait and its people as a national carrier.”

Jazeera Airways maintained a resilient operational position supported by its agile and flexible business model. Load factor increased 2.3 percentage points from 78.7 to 81.0, reflecting sustained demand from key destinations across the network, while market share remained stable at 31%. The airline operated an average fleet of 23 aircraft.

Boodai emphasized: "As we move forward, we remain firmly committed to Kuwait, to our shareholders, to our customers, to our employees and to the communities we serve. The resilience demonstrated this quarter reinforces our confidence in our strategy and our ability to navigate challenges while continuing to deliver value and connectivity.”

Positive Outlook

With the full return to direct operations from Kuwait, Jazeera Airways remains optimistic about the recovery in travel demand ahead of the summer season. The airline is offering over 2 million seats across its network, relaunching 11 destinations while introducing two new routes, including Milan Bergamo starting May 22 and London Luton, further expanding travel options for the peak holiday season.