Oman Air sees 30% revenue increase by end of 2023

Muscat: His Excellency the Engineer, Minister of Transport, Communications and Information Technology, Chairman of the Board of Directors of Oman Air, reveals that Oman Air’s net losses by the end of 2023 decreased by about 36 percent and the company’s revenues increased by about 30 percent compared to 2022.

His Excellency announces that the price of an Oman Air ticket for Omanis in economy class for the route Muscat-Salalah-Muscat and vice versa has been fixed at 64 Omani riyals and 35 Omani riyals for a one-way trip throughout the year, and at 54 Omani riyals throughout the fall season (round trip).

His Excellency explained during the third media meeting to review the developments in Oman Air’s transformation plan that these results came as a result of the implementation of the second phase of the transformation program, which has undertaken many initiatives since March 2023, most notably the strategic changes in flight destinations for the winter 2023 season, which led to a reduction in the number of flights on the same routes. Poor performance without having to close any routes, ground any aircraft or sell them.

His Excellency: All unnecessary expenditures have been stopped in all the company’s various departments, such as: sponsorships and the reduction and cancellation of a number of unnecessary service contracts for the company.

His Excellency: Oman Air was able to close the fiscal year 2023 without obtaining any additional bank loans or government guarantees.

His Excellency: The load factors of Oman Air’s fleet improved by 9 percent, as more than 6 million passengers were transported across the company’s various destinations, and more than 45,000 scheduled flights were operated.

His Excellency: Oman Air will implement a number of radical changes in 2024 to continue improving its financial and operational performance, including restructuring the route network and flight schedule starting in April 2024.