Oman Air reduces its losses during 2023 by 25 percent

Oman Air
Oman Air

Oman Air Minimizes losses by 25% in 2023

Muscat: Eng. Said Hamoud Al Ma’awali, Minister of Transport, Communications and Information Technology, Chairman of the Board of Directors of Oman Air, has said that, during 2023, Oman Air managed to cut down its losses and augment its revenues growth rates without resorting to borrowing from commercial banks or relying on government subsidy.

This was unveiled during the second media gathering organized by Oman Air today to review developments in the company’s transformation plan.

Al Ma’awali pointed out that Oman Air shrank its losses by 25 percent during 2023. This, he said, was credited to the firm’s policy of streamlining spending and improving ticket sales. He reported that the company is set to experience good growth in terms of financial performance in 2026, thanks to a pragmatic transition plan that keeps yielding good results.

Al Ma’awali highlighted the new Board of Directors and senior international aviation consultants with local expertise, whose joint review of the company’s financial situation culminated in the creation of a comprehensive 4-year transformation plan.

Over the last six months, the transformation has been focused on rolling out the key pillars of the plan: financial sustainability, corporate governance, commercial aspects, and human capital. The airline is also adjusting flight frequencies and capacities while optimizing schedules for passenger convenience.

Another highlight of the conference was the announcement of the upcoming appointment of a new CEO with over 30 years of experience in international aviation and corporate transformation programmes. Concurrently, the company is conducting a comprehensive evaluation of the remaining executive and administrative positions, ensuring all employees have a fair opportunity to apply for vacancies in the new organizational structure.

Oman Air is also enhancing its digital capabilities, with ongoing projects including the revamp of its website and mobile app. Due to be fully operational by April, these platforms are set to enhance the user experience by introducing state-of-the-art features such as a more seamless booking flow, real-time fare benefits, diverse payment options, and even Virtual Reality with 3D seat maps and cabin navigation. – ONA

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