JAZEERA AIRWAYS CO.

Jazeera Airways Co. (KSC)

JAZEERAStocksBoursa KuwaitTransportation

Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Annual (KWD)

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operating Summary
Revenue	218.14M	208.57M	198.08M	182.12M	80.40M
Cost of Revenue	183.65M	184.08M	177.74M	148.63M	65.49M
Gross Profit	34.49M	24.49M	20.34M	33.49M	14.91M
SG&A	8.09M	6.57M	7.84M	6.00M	3.63M
Operating Expenses	6.07M	3.97M	8.67M	6.46M	4.51M
Operating Income	28.41M	20.53M	11.67M	27.03M	10.40M
Interest Income	—	—	1.58M	—	0.94M
Interest Expense	-8.93M	-8.62M	-7.05M	-6.33M	-5.23M
Pretax Income	21.82M	10.30M	6.20M	20.30M	7.15M
Income Tax	54.10K	114.71K	73.33K	217.25K	74.40K
Net Income	21.76M	10.18M	6.13M	20.08M	7.08M
EBITDA	37.60M	24.30M	14.09M	28.84M	12.49M
EBIT	28.41M	20.53M	11.67M	27.03M	10.40M
EPS (Basic)	0.10	0.05	0.03	0.09	0.03
EPS (Diluted)	0.10	0.05	0.03	0.09	0.03
DPS	0.08	0.04	0.03	0.08	0.03
Margins & Efficiency
Gross Margin %	+15.8%	+11.7%	+10.3%	+18.4%	+18.5%
EBITDA Margin %	+17.2%	+11.7%	+7.1%	+15.8%	+15.5%
Net Margin %	+10.0%	+4.9%	+3.1%	+11.0%	+8.8%
Revenue & Income
Revenue	218.14M	208.57M	198.08M	182.12M	80.40M
Revenue Growth (YoY)	+4.6%	+5.3%	+8.8%	+126.5%	+94.3%
Interest & Investment Income	—	—	1.58M	—	0.94M
Gain (Loss) on Sale of Assets	—	—	—	1.73M	0.41M
Currency Exchange Gain (Loss)	0.98M	-1.51M	0.05M	-1.94M	0.70M
Expenses & Provisions
Cost of Revenue	183.65M	184.08M	177.74M	148.63M	65.49M
Selling, General & Admin	8.09M	6.57M	7.84M	6.00M	3.63M
Operating Expenses	6.07M	3.97M	8.67M	6.46M	4.51M
Other Operating Expenses	-2.39M	-3.26M	0.09M	-0.19M	0.40M
Interest Expense	-8.93M	-8.62M	-7.05M	-6.33M	-5.23M
D&A For EBITDA	9.18M	3.77M	2.42M	1.81M	2.09M
Profitability & Returns
Gross Profit	34.49M	24.49M	20.34M	33.49M	14.91M
Gross Margin	+15.8%	+11.7%	+10.3%	+18.4%	+18.5%
EBIT	28.41M	20.53M	11.67M	27.03M	10.40M
EBIT Margin	+13.0%	+9.8%	+5.9%	+14.8%	+12.9%
EBITDA	37.60M	24.30M	14.09M	28.84M	12.49M
EBITDA Margin	+17.2%	+11.7%	+7.1%	+15.8%	+15.5%
EBT Excluding Unusual Items	20.47M	10.40M	6.26M	18.75M	6.81M
Pretax Income	21.82M	10.30M	6.20M	20.30M	7.15M
Operating Income	28.41M	20.53M	11.67M	27.03M	10.40M
Operating Margin	+13.0%	+9.8%	+5.9%	+14.8%	+12.9%
Profit Margin	+10.0%	+4.9%	+3.1%	+11.0%	+8.8%
Net Income	21.76M	10.18M	6.13M	20.08M	7.08M
Net Income to Common	21.76M	10.18M	6.13M	20.08M	7.08M
Net Income Growth	+113.7%	+66.2%	-69.5%	+183.6%	—
Earnings From Continuing Ops.	21.76M	10.18M	6.13M	20.08M	7.08M
Income Tax Expense	54.10K	114.71K	73.33K	217.25K	74.40K
Effective Tax Rate	+0.2%	+1.1%	+1.2%	+1.1%	+1.0%
Per Share & Capital
EPS (Basic)	0.10	0.05	0.03	0.09	0.03
EPS (Diluted)	0.10	0.05	0.03	0.09	0.03
EPS Growth	+113.8%	+66.1%	-69.5%	+174.4%	—
Dividend Per Share	0.08	0.04	0.03	0.08	0.03
Shares Change (YoY)	-0	—	—	0.03	0.06
Shares Outstanding (Basic)	219.70M	220.00M	220.00M	220.00M	212.86M
Shares Outstanding (Diluted)	219.84M	220.00M	220.00M	220.00M	212.86M
Dividend Growth	+107.5%	+42.9%	-65.0%	+150.0%	—
Free Cash Flow	50.49M	0.35M	-7.06M	1.42M	38.45M
Free Cash Flow Margin	+23.1%	+0.2%	-3.6%	+0.8%	+47.8%
Free Cash Flow Per Share	0.23	0.00	-0.03	0.01	0.18
Payout Ratio	+40.4%	—	+280.0%	+67.9%	—
Supplemental
Other Unusual Items	-196.83K	-96.14K	-58.00K	-187.70K	-66.67K

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Annual (KWD)

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operating Summary
Revenue	218.14M	208.57M	198.08M	182.12M	80.40M
Cost of Revenue	183.65M	184.08M	177.74M	148.63M	65.49M
Gross Profit	34.49M	24.49M	20.34M	33.49M	14.91M
SG&A	8.09M	6.57M	7.84M	6.00M	3.63M
Operating Expenses	6.07M	3.97M	8.67M	6.46M	4.51M
Operating Income	28.41M	20.53M	11.67M	27.03M	10.40M
Interest Income	—	—	1.58M	—	0.94M
Interest Expense	-8.93M	-8.62M	-7.05M	-6.33M	-5.23M
Pretax Income	21.82M	10.30M	6.20M	20.30M	7.15M
Income Tax	54.10K	114.71K	73.33K	217.25K	74.40K
Net Income	21.76M	10.18M	6.13M	20.08M	7.08M
EBITDA	37.60M	24.30M	14.09M	28.84M	12.49M
EBIT	28.41M	20.53M	11.67M	27.03M	10.40M
EPS (Basic)	0.10	0.05	0.03	0.09	0.03
EPS (Diluted)	0.10	0.05	0.03	0.09	0.03
DPS	0.08	0.04	0.03	0.08	0.03
Margins & Efficiency
Gross Margin %	+15.8%	+11.7%	+10.3%	+18.4%	+18.5%
EBITDA Margin %	+17.2%	+11.7%	+7.1%	+15.8%	+15.5%
Net Margin %	+10.0%	+4.9%	+3.1%	+11.0%	+8.8%
Revenue & Income
Revenue	218.14M	208.57M	198.08M	182.12M	80.40M
Revenue Growth (YoY)	+4.6%	+5.3%	+8.8%	+126.5%	+94.3%
Interest & Investment Income	—	—	1.58M	—	0.94M
Gain (Loss) on Sale of Assets	—	—	—	1.73M	0.41M
Currency Exchange Gain (Loss)	0.98M	-1.51M	0.05M	-1.94M	0.70M
Expenses & Provisions
Cost of Revenue	183.65M	184.08M	177.74M	148.63M	65.49M
Selling, General & Admin	8.09M	6.57M	7.84M	6.00M	3.63M
Operating Expenses	6.07M	3.97M	8.67M	6.46M	4.51M
Other Operating Expenses	-2.39M	-3.26M	0.09M	-0.19M	0.40M
Interest Expense	-8.93M	-8.62M	-7.05M	-6.33M	-5.23M
D&A For EBITDA	9.18M	3.77M	2.42M	1.81M	2.09M
Profitability & Returns
Gross Profit	34.49M	24.49M	20.34M	33.49M	14.91M
Gross Margin	+15.8%	+11.7%	+10.3%	+18.4%	+18.5%
EBIT	28.41M	20.53M	11.67M	27.03M	10.40M
EBIT Margin	+13.0%	+9.8%	+5.9%	+14.8%	+12.9%
EBITDA	37.60M	24.30M	14.09M	28.84M	12.49M
EBITDA Margin	+17.2%	+11.7%	+7.1%	+15.8%	+15.5%
EBT Excluding Unusual Items	20.47M	10.40M	6.26M	18.75M	6.81M
Pretax Income	21.82M	10.30M	6.20M	20.30M	7.15M
Operating Income	28.41M	20.53M	11.67M	27.03M	10.40M
Operating Margin	+13.0%	+9.8%	+5.9%	+14.8%	+12.9%
Profit Margin	+10.0%	+4.9%	+3.1%	+11.0%	+8.8%
Net Income	21.76M	10.18M	6.13M	20.08M	7.08M
Net Income to Common	21.76M	10.18M	6.13M	20.08M	7.08M
Net Income Growth	+113.7%	+66.2%	-69.5%	+183.6%	—
Earnings From Continuing Ops.	21.76M	10.18M	6.13M	20.08M	7.08M
Income Tax Expense	54.10K	114.71K	73.33K	217.25K	74.40K
Effective Tax Rate	+0.2%	+1.1%	+1.2%	+1.1%	+1.0%
Per Share & Capital
EPS (Basic)	0.10	0.05	0.03	0.09	0.03
EPS (Diluted)	0.10	0.05	0.03	0.09	0.03
EPS Growth	+113.8%	+66.1%	-69.5%	+174.4%	—
Dividend Per Share	0.08	0.04	0.03	0.08	0.03
Shares Change (YoY)	-0	—	—	0.03	0.06
Shares Outstanding (Basic)	219.70M	220.00M	220.00M	220.00M	212.86M
Shares Outstanding (Diluted)	219.84M	220.00M	220.00M	220.00M	212.86M
Dividend Growth	+107.5%	+42.9%	-65.0%	+150.0%	—
Free Cash Flow	50.49M	0.35M	-7.06M	1.42M	38.45M
Free Cash Flow Margin	+23.1%	+0.2%	-3.6%	+0.8%	+47.8%
Free Cash Flow Per Share	0.23	0.00	-0.03	0.01	0.18
Payout Ratio	+40.4%	—	+280.0%	+67.9%	—
Supplemental
Other Unusual Items	-196.83K	-96.14K	-58.00K	-187.70K	-66.67K