Aviation Kuwait Airways 2023 revenue soars 16% to $1bn By Pramod Kumar October 11, 2024, 10:03 AM Kuwait Airways The airline said passenger numbers hit 4.6 million in 2023, surging 29% Increased passenger volume and flight operations increased revenues at Kuwait Airways by 16 percent in 2023. The topline reached KD335 million ($1.1 billion) last year, as the number of flights soared 26 percent year on year to 32,839, the state-run Kuwait News Agency reported, citing chairman Abdulmohsen Alfagaan. No details were shared on profit or loss. Passenger numbers hit 4.6 million in 2023, up 29 percent year on year. Seat capacity was up 26 percent annually to 6.5 million, while the seat occupancy rate reached 71 percent. The state-backed airline expanded its fleet by adding two A320neo aircraft in 2023, bringing the total number of these aircraft to nine. Kuwait Airways also earned KD7.8 million ($25.4 million) through codeshare agreements with Saudi, Greek and Thai airlines. Alfagaan said the airline is moving towards implementing its next strategic plan, but no details were provided. In February he said that the airline planned to overhaul its system and fleet, adding 11 new aircraft expand its fleet to 39 within the next three years, . In November Kuwaiti low-cost carrier Jazeera Airways reported a 36 percent drop in profits for the first nine months of the year with a warning that over capacity issues could further impact margins.
