Muscat: Losses during 2023 were reduced by 25 percent as a result of streamlining exchange and improving ticket sales, said the Minster of Transport, Communications and Information Technology (MTCIT).

His Excellency the Engineer Saeed bin Hamoud Al-Ma’awali, Minister of Transport, Communications and Information Technology and Chairman of the Board of Directors of Oman Air Company, announced a reduction in the company’s losses with an increase in growth rates in revenues and an improvement in its financial performance without resorting to borrowing from commercial banks or government support during the year 2023.

His Excellency explained during the second media meeting to review the developments of the Oman Air transformation plan that the positive results achieved were the result of taking a set of strategic measures and decisions in line with the objectives of the transformation plan program announced last August to address the problem of accumulated debts and long-term operational losses.

His Excellency indicated that the decision had been taken to “determine the appropriate size” of the company’s fleet and to review the network of destinations in the commercial hub with the company’s transformation plan.

Minister of Transport, Communications and Information Technology : "The strategic changes in Oman Air’s network of destinations and the company’s fleet will inevitably lead to a surplus in the fleet, which requires taking decisions regarding them, including streamlining some of the executive and administrative aspects and issuing a new organizational structure that suits the needs of the stage in all aspects."

His Excellency indicates that the appointment of a new CEO with more than 30 years of experience in the field of international aviation and comprehensive corporate transformation programs will soon be announced, and work will be carried out in a parallel track to conduct a comprehensive evaluation of the remaining executive and administrative positions.

His Excellency the Engineer, Minister of Transport, Communications and Information Technology and Chairman of the Board of Directors of Oman Air, stresses that these measures are part of a broader organisational restructuring process that will work to evaluate current capabilities and realign them with the requirements of the stage and market, and prepare qualified cadres to lead this strategic transformation.

His Excellency the Engineer, Minister of Transport, Communications and Information Technology and Chairman of the Board of Directors of Oman Air Company, indicates that the company pays great attention to the Omani cadre, as employment contracts have been signed for 21 Omani pilots out of 34 pilots who were contracted indirectly.

His Excellency confirms that the company is working to attract more travelers directly to Muscat, in cooperation with the Ministry of Heritage and Tourism, where an agreement was signed with an international company to attract 30,000 tourists to the Sultanate of Oman during the year 2024.

"According to the transformation plan, the financial performance of Oman Air is expected to be good in 2026 due to the improvement that the company is currently witnessing, " the Minister said.

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