Kuwait Airways Reports Significant Revenue Growth
Kuwait Airways has announced a remarkable 16% increase in its annual revenues, reaching KWD 335 million (approximately $1.095 billion) for the year 2023. This growth is particularly noteworthy as the airline had faced a net loss of 55 million dinars in 2022. The Chairman of the Board of Directors, Abdul Mohsen Salem Al-Faqan, shared these insights during the Kuwait Airways General Assembly, highlighting the airline's recovery trajectory following the challenges posed by the COVID-19 pandemic.
Surge in Passenger Numbers and Flight Operations
In 2023, Kuwait Airways welcomed 4.55 million passengers, marking a substantial 29% increase compared to the previous year. The airline operated a total of 32,839 flights, reflecting a growth of 26% year-on-year. This surge in both passenger numbers and flight operations demonstrates the rising demand for air travel in the region, as many Gulf airlines continue to rebound from the pandemic's impact.
Future Plans and Strategic Goals
Looking ahead, Kuwait Airways aims to further expand its operations, with a target of increasing passenger numbers to 5.5 million by 2025. Al-Faqan emphasized the airline's commitment to implementing its strategic plan, which includes enhancing service offerings and fleet expansion. Recently, Kuwait Airways added two new Airbus A320 aircraft to its fleet, bringing the total to nine, as part of its efforts to modernize and improve its services.
