Jazeera Airways today announced its financial results for the third quarter of 2026, reporting a 47.4% decline in net profit at KD 7.1 million, compared to the corresponding period last year. Group operating revenue stood at KD 62.1 million, down 10.6% from KD 69.4 million in Q3 2025.
The results reflect a challenging operating environment marked by regional geopolitical uncertainty, sharply elevated fuel prices and operational restrictions, including limited airport operating hours until 20 September and the continued suspension of connecting traffic through T5. Average fuel prices surged 55% to US $139 per barrel compared to US $90 per barrel in the previous year, driving a 28% increase in fuel costs despite 18% fewer block hours.
These conditions, coupled with reduced operating capacity and network adjustments, contributed to lower passenger volumes, aircraft utilization and profitability.
Q3 profitability was impacted by KD 1.4 million in pre-operating payroll expenses for in-house ground handling ahead of licensing in October 2026. Excluding these costs, net profit would have reached KD 8.5 million, a year-on-year decline of 37%. These upfront investments support Jazeera Airways’ long-term strategy to strengthen operational control, enhance service efficiency and optimize costs.
During Q3 2026, Jazeera Airways carried 1.07 million passengers, a decline of 26.3% compared to 1.46 million passengers in Q3 2025. Load factor declined by 3.1 percentage points to 74.9%.
Ancillary revenue per passenger almost tripled to KD 15.6, and in October the airline received approval to handle its own ground operations. Jazeera increased its market share at Kuwait International Airport from 31% in Q3 2025 to 36.7%.
With the ongoing operational challenges, for 9M 2026, Jazeera Airways reported Group operating revenue of KD 177.9 million, an increase of 3.7% compared to the same period last year. Group net profit stood at KD 15.7 million, down 32.0%.
The first nine months included the temporary closure of the Kuwait International Airport for 57 days and Jazeera’s subsequent execution of ‘Mission Barakah’ which involved moving base to KSA, maintaining vital connectivity for Kuwait and demonstrating the Company’s operational agility and ability to respond decisively to unprecedented disruption.
Marwan Boodai, Chairman, Jazeera Airways, said, “This year has been exceptionally challenging for businesses globally, with the aviation industry facing significant pressures. Jazeera Airways continues to be impacted by regional geopolitical uncertainty, elevated fuel prices and operating restrictions.
“This, combined with the suspension of connecting passengers through Terminal 5, has further constrained our network potential and growth opportunities. Despite these pressures, Jazeera Airways maintained profitability, reflecting the agility and resilience of our business model and the commitment of our hardworking teams.
“Looking ahead, our priority remains to safeguard Jazeera Airways’ financial strength, maintain strict operational and cost discipline, and build more efficiency while embarking on the next phase of growth. Uncertainties remain persistent and we will continue to navigate these challenges with prudence and adaptability, positioning Jazeera Airways to seize emerging opportunities and deliver sustainable growth,” Boodai said.
Financial Highlights
Q3 2026
- Operating revenue: KD 62.1 million, down 10.6%
- Profit After Tax (PAT): KD 7.1 million, down 47.4%
- Passengers: 1.07 million, down 26.3%
- Load factor: Decreased 3.1 percentage points from 78.0% to 74.9%
9M 2026
- Operating revenue: KD 177.9 million, up 3.7%
- Profit After Tax (PAT): KD 15.7 million, down 32%
- Passengers: 2.6 million, down 30%
- Load factor: Increased 0.8 percentage points from 76.5% to 77.3%
Strategic Priorities and Outlook
Jazeera Airways continues to focus on future growth while restoring operational capacity, optimizing its route network, improving cost efficiency and managing the impact of external market pressures.
Looking ahead, the airline expects that regional geopolitical developments, fuel price volatility and operating restrictions will continue to have a significant impact on the operational and financial performance of the business.
As of now, connecting passenger traffic through T5 remains suspended. Once restored, this will be a significant positive change to improve network connectivity and support future growth.
Jazeera Airways remains focused on maintaining financial discipline, improving operational performance and progressing its long-term strategic investments while adapting to the evolving operating environment.
