Transformation plan helps Oman Air cut losses by 25% in 2023

Transformation plan helps Oman Air cut losses by 25% in 2023

MUSCAT: National carrier Oman Air achieved a significant 25% reduction in losses during 2023, Eng Saeed al Maawali, Minister of Transport, Communications, and Information Technology, and Chairman of Oman Air, announced here on Wednesday.In a media briefing, Al Maawali presented the latest developments in Oman Air's transformation plan, emphasizing substantial revenue growth and improved financial performance. He attributed these accomplishments to the comprehensive four-year transformation plan, guided by a new board of directors featuring senior international aviation consultants with local expertise.Over the past six months, the focus has been on key elements of the transformation plan, the Minister said. In the commercial sector, adjustments were made to address imbalances between capacity and demand in the company's network of destinations. This led to decisions to "right-size" the fleet, including temporary suspensions of four destinations—Islamabad, Lahore, Colombo, and Chittagong. Simultaneously, a new destination, Sialkot in Punjab, Pakistan, was introduced. Additionally, seasonal flights to Zurich and Malé during winter and to Trabzon during summer were implemented.These strategic changes, while enhancing the network and fleet, also necessitate decisions on streamlining executive and administrative aspects to align with the new organizational structure, he said.During the briefing, Al Maawali also highlighted that these measures are