Oman Airports and its subsidiaries reported a 45 percent increase in the net profit of RO23 million in 2023 and a growth of 27 perc ent in EBITDA (RO 31 million).

The results released by the company on Monday showed that the number of flights increased in 2023 by 37.7 per cent compared to 2022, while the number of passengers increased by 43.5 per cent.

The number of shipments increased by seven per cent in 2023 from the previous year.

The airports in Oman were served by 40 airlines (both scheduled and chartered), connecting to 146 destinations.

The company recorded a total revenue of RO 124.4 million in 2023, compared to RO 86.3 million in 2022.

"The EBITDA margin of Oman Airports stands at 24 per cent, reflecting operational efficiency and profitability," the company said.

Oman Airports standalone recorded a revenue of RO 124.4 million in 2023 compared with RO 86.3 million in 2022 which is higher by 44 per cent.

"The operational expenses incurred were RO 85.8 million in 2023 compared with RO 60.2 million in 2022 which is higher by 43 per cent, mainly due to the Expected Credit Loss (ECL) of RO 16.7 million, a result of heightened receivables from our main partners," the report said.

The company's financial contribution to the government increased to RO 24 million in 2023 from RO 13 million in 2022, RO 3 million in 2021, and RO 12 million in 2020.

It may be noted that the contributions were RO 26 million in 2019 and RO 26 million in 2018 (with cash dividends).

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