Muscat: The Minister of Transport, Communications and Information Technology (MTCIT), Engineer Saeed bin Hamoud Al-Ma’awali, announced that losses in 2023 were reduced by 25 percent due to the optimization of exchange processes and improvements in ticket sales.
During the second media briefing to discuss the progress of the Oman Air transformation plan, His Excellency highlighted the company's achievements, including a decrease in losses, an increase in revenue growth rates, and an overall improvement in financial performance. It is worth noting that these accomplishments were attained without relying on loans from commercial banks or government assistance throughout the year 2023.
His Excellency emphasized that these positive outcomes were a direct result of strategic measures and decisions implemented in alignment with the objectives of the transformation plan program, which was introduced in August. The primary aim of this program was to address the issue of accumulated debts and long-term operational losses.
Furthermore, His Excellency mentioned that the company had made the crucial decision to assess the optimal size of its fleet and review its network of destinations within the commercial hub as part of the transformation plan.
The Minister of Transport, Communications and Information Technology highlights the upcoming announcement of a new CEO for Oman Air, who brings extensive experience in international aviation and corporate transformation. Alongside this, a comprehensive evaluation of executive and administrative positions will be conducted.
The Minister emphasizes that these actions are part of a wider organizational restructuring process aimed at assessing current capabilities and aligning them with market demands. The goal is to develop qualified individuals who can effectively lead the strategic transformation of the company.
Furthermore, the Minister underscores the company's commitment to the Omani workforce, noting that 21 Omani pilots have already been employed through direct contracts out of a total of 34 pilots.
The Minister stated that Oman Air is anticipated to achieve positive financial results in 2026 as a result of the ongoing improvements within the company, in line with the transformation plan.
