Oman Air 2023 losses down 25% on higher ticket sales

Oman News Agency

State-owned Oman Air cut its losses by a quarter in 2023 as it streamlined expenditure and improved ticket sales, chairman Said Hamoud Al Ma’awali said.

The airline is expected to see “good growth” in its financial performance by 2026 under its four-year transformation plan, state-run Oman News Agency reported, citing the top executive.

No other financial details were given.

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Al Ma’awali, also the minister of transport, communications, and information technology, said the airline managed to cut its losses and augment its revenues without borrowing from commercial banks or relying on government subsidies.

Oman Air is working on revamping its website and mobile app, which will be fully operational by April.

The carrier began a restructuring process in August to reduce ongoing losses and debt accumulation.

The airline reduced its net loss by 35 percent in 2022 compared to 2020 figures, while revenues increased 128 percent, according to its latest financial statement in May.

Oman Air had forecast that total revenues would be up 236 percent in 2023, compared to 2020, which could reduce its net loss by a further 56 percent.

Last month, the airline cancelled flights to some South Asian cities as part of its transformation programme.