Oman Air sees increase in 2023 revenues

Oman Air recently revealed some key highlights of its expected performance this year, including the total revenue forecast for 2023 is expected to be up 236 per cent in 2023, compared to 128 per cent in 2022 and -3 per cent in 2021.

Eng Said bin Hamoud al Maawali, Minister of Transport, Communications and Information Technology, recently mentioned that there has been a Royal Order to assign a specialised consultant tasked to probe the state of Oman Air.

This came during the Majlis Ash’shura’s hosting of the transport minister, where he said the consultant has already been appointed and a study made to set a strategy that would help improve the performance of Oman Air.

The number of passengers using the airline increased by 182 per cent with revenues going up by 88 per cent.

The net loss forecast for 2023 is -56 per cent compared to -35 in 2022 and -26 per cent in 2021.

The forecasted cargo capacity of the airline increased by 160 per cent in 2023 (bringing in an increase of 360 per cent in revenues), compared to 116 per cent growth in 2022 and 33 per cent in 2021.

The airline said that its Omanisation level is 75 per cent with 90 per cent of pilots now locals, followed by Omani male crew (100 per cent), engineers (90 per cent and support employees (93 per cent).

A total of 155 new Omani employees joined the company in 2023, including seven pilots, 63 cabin crew, 40 engineers, and 45 support staff.

All flights reported an on-time performance of 96 per cent as the airline operated to 44 destinations.

The fleet strength of the airline as per the agreements signed between 2011 and 2015 will be limited to 45 (10, A330s, 13 737s (Max), 13 737NG, and 9 Dreamliners), compared to 54 in 2022.

The minister had said that the consultant is expected to work for three months initially to produce the first report that draws a roadmap for working with executive management.

He stressed that the ministry will be able to look into the necessary options in June, adding that the Oman Air’s performance is not satisfactory, but there is a desire from the Board of Directors and the executive management as well as the Investment Authority to improve its performance.