Kuwait Airways losses drop by KD 52m

  • Date: 26-Jan-2023
  • Source: Kuwait Times
  • Sector:Technology
  • Country:Kuwait
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Kuwait Airways losses drop by KD 52m

By Majd Othman

KUWAIT: Kuwait Airways will acquire the “T4” building after renting it out for about KD 1 million annually, said Captain Ali Al-Dukhan, chairman of the board of directors at Kuwait Airways Company (KAC) during a press conference held by the company to announce its 2022 financial results. The terminal (T4) is currently operated by a Korean company until August 2023. Kuwait’s national airline will then move to “T4” after the Korean company’s contract ends, said Al-Dukhan. He added that he hopes the investment returns of the T4 building will bring Kuwait Airways closer to reaching the expected break-even point in 2024.

KAC losses dropped from KD 107m in 2019 to about KD 55m in 2022, Al-Dukhan announced. Revenues, on the other hand, climbed by 10 percent compared to 2019 and 115 percent compared to 2021. The profit margin also improved by 40 percent compared to 2019 and 37 percent compared to 2021. Passenger traffic at “T4” grew by 26 percent during 2022 compared to 2019 and to 229 percent compared to 2021.

Kuwait Airways received three new aircrafts in 2022: One Airbus “A320NEO” and two Airbus “A330NEO”, added Al-Dukhan. The airlines also launched new destinations, including Manchester, Madrid, Casablanca, Trabzon,