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Oman Airports profit up 45% in 2023 on higher revenue

Oman Airports expects a delayed recovery compared to other GCC countries due to Oman Air’s ongoing transformation Oman Airports
Oman Airports expects a delayed recovery compared to other GCC countries due to Oman Air’s ongoing transformation

The combined net profit of Oman Airports surged 45 percent to OR18.5 million ($48 million) in 2023, compared to almost OR13 million in 2022.

Consolidated revenue increased by 39 percent year on year to OR150 million last year, as subsidiaries reported higher income.

Oman Airports Management Company generated over OR124 million, Oman Ground Handling contributed close to OR34 million, while Oman Aviation Investments added OR0.5 million.

EBITDA reached OR31 million in 2023, rising 27 percent from OR24.5 million in 2022.

The standalone profit and revenue of state-run Oman Airports stood at OR20.5 million and over OR124 million, respectively.

“Despite the lingering effects of the pandemic, we exceeded recovery expectations,” the company said in its annual report for 2023.

However, Oman Airports expects a delayed recovery compared to other GCC countries due to the ongoing transformation of national flag carrier Oman Air.

Earlier this month Oman Air’s net losses fell by 36 percent in 2023, while revenues were up 30 percent.

“Despite this challenge, we remain optimistic, focusing on compensatory growth and developing strategies to attract traffic, enhance revenue, and mitigate the expected effects of the transformation,” the company said.

However, the total operating costs rose significantly by 35 percent year on year to OR107 million due to an allocation of just over OR14 million for expected credit losses.

The number of passengers reached 14 million, with 87,000 air traffic movements, CEO Aimen Ahmed Al Hosni said in the report.

The airport handled 153,000 metric tonnes of cargo, he added.

Oman Airport recorded 37 scheduled and chartered airlines to 106 destinations for Muscat and 16 scheduled and chartered airlines to 106 destinations for Salalah.

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