Kuwait Airways eyes break even by 2024-end despite losses

Kuwait Airways

Kuwait Airways’ revenue last year rose by 115 percent from 2021 and was up 10 percent from pre-pandemic 2019, Reuters reported, citing chairman Ali Aldokhan.

The state carrier posted a net loss of KD55 million ($180.3 million) for 2022 and still expects to break even by the end of 2024, Aldokhan told a news conference on Thursday without disclosing a figure for 2021.

Kuwait Airways posted a net loss of KD107 million in 2019.

The airline, like its counterparts across the globe, was hit hard by the Covid-19 pandemic.

He added that the airline intends to operate new routes to Athens, Barcelona, Berlin, Budapest and the Saudi Arabian cities of Al-Ula, Taif and Al-Qassim in 2023.  

Al-Dukhan expected growth in passenger traffic by nearly 4.5 million passengers in 2023 and an increase in operations by more than 30 percent, Kuwait Times reported.

Rising fuel prices cost Kuwait Airways nearly KD 130 million annually. The airline plans to tackle that by requesting the government for higher discounts, said Al-Dukhan.

He stated that the new fleet in 2024 will help save 50 percent of the fuel costs.