Kuwait Airways cuts losses by 50% as revenue soars

Kuwait Airways

Kuwait Airways has trimmed its losses in half from KD107 million ($347 million) in 2021 to KD55 million ($178.4 million) in 2022.

“Kuwait Airways has achieved positive results, which were better than expected in 2022,” state-run Kuna news agency reported, citing chairman Ali Aldukhan.

Total passenger revenues reached KD289.1 million, up 11 percent year-on-year. Passenger numbers rose two percent annually to 3.5 million.

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Kuwait Airways operated 25,000 flights, an increase of five percent year on year, with occupied seats hitting 69.7 percent, up 2 percent annually.

The airline extended the contract to lease seven A320 aircraft until 2024, Aldukhan disclosed, adding the move will boost flight numbers and new destinations.

In addition, Kuwait Airways plans to lease eight Airbus passenger jets and is examining offers from leasing companies.

The contract duration for the leased planes, all Airbus 321 neo aircraft, will be between eight and 10 years, Aldukhan added.

CEO Maen Razouqi stated that the carrier’s debt was now less than KD50 million, expecting passenger numbers to increase to 5.5 million.

The airline operates to 58 direct destinations with 105 flights per day.