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Oman Air AGM To Hear Positive Results

March 31, 2015 Financial No Comments Email Email

Oman Air’s shareholders today received positive financial results for 2014 at the airline’s Annual General Meeting (AGM). The AGM was held at Oman Air’s headquarters in Muscat.

AGM 2015

Oman Air’s Chairman, His Excellency Darwish Bin Ismail Al Balushi, and Chief Executive Officer, Paul Gregorowitsch, each provided reports covering the company’s financial and operational progress over the last full year.

Shareholders heard that Oman Air’s revenues increased by four per cent, to RO 398.389 million. Furthermore, the airline’s losses were reduced by four per cent to RO 95.866 million.

In addition, Oman Air carried 5.1 million passengers in 2014, up from 4.9 million the previous year. More than 23,500 round trips were recorded and capacity in 2014 rose to 15.2 billion available seat kilometres, with an average seat factor of 74.4 per cent being achieved.

The year also saw Oman Air consistently add new aircraft to its fleet, with the first of the Airbus A330s and Boeing B737s it has had on order being delivered in the fourth quarter. The airline has also opened four new destinations our established routes.

Oman Air’s staff at Muscat International Airport also handled 41,450 flights and 8.7 million passengers over the course of the year. Of these flights, 18,000 were operated by airlines other than Oman Air, resulting in an increase to RO 18 million in the total handling fees received in 2014.

Oman Air’s catering division served 6.7 million meals in 2014, up from 6.5 million in 2013, and increased revenues year-on-year by three per cent. A healthy growth in income from rooms, food and beverages was also recorded.

His Excellency Darwish Bin Ismail Al Balushi, Chairman of Oman Air, commented:

“Oman Air is guided by a development plan which was endorsed by the Board of Directors in 2013. This has seen our company invest significantly in new narrow-body and widebody aircraft, new destinations, technology and staff. The size of our fleet is expected to increase as per this plan to 50 aircraft by 2018, with a further increase to 70 aircraft being achieved by 2020.

“In parallel with the onset of this ambitious expansion, we have continued our focus on quality, productivity and increasing revenues over the full course of the year. Throughout, we have held fast to two fundamental aims: to ensure that every Oman Air customer experiences the best possible products and services, and to pursue our unwavering commitment to achieving profitability.

“It is therefore with a sense of satisfaction that we have carried more passengers to more destinations than ever before. We have increased our capacity and the number of round trips we have operated. We have served more meals and handled more passengers at Muscat.

“And, crucially we have increased our revenues by four per cent to more than RO 398 million, and reduced our loss by four per cent to less than RO 96 million.

“As a result, Oman Air is a leaner, fitter and more efficient business. We are well positioned for continued expansion and have confirmed our advance towards profitability.

“Furthermore, a recent study on the contributions made by businesses to the national economy showed that Oman Air’s operational activities have delivered social and economic returns for the Sultanate of Oman of RO 420 million. This underlines the importance of the role played by the national carrier in fulfilling the social and economic objectives of the national economy.

“I look forward to watching Oman Air’s sustained progress in 2015, under the dynamic and decisive leadership of our new Chief Executive Officer, Paul Gregorowitsch.

His Excellency went on to note that Oman Air’s financial progress in 2014 was matched by continuing improvements in the passenger experience offered to customers. Following the refurbishment of Oman Air’s premium check-in facility at Muscat, the airline opened its newly-upgraded First Class and Business Class check-in facility in September. This was complemented by excellent facilities at Salalah International Airport, once again confirming Salalah as a vital station within Oman Air’s network.

In addition, in November 2014 Oman Air unveiled brand-new Business Class and Economy Class cabins. Each offers outstanding space and comfort, whilst also enabling the airline to increase the number of passenger it carries.

His Excellency concluded by thanking his colleagues on the Board of Directors, the Executive Committee and the Audit Committee, as well as Oman Air’s Chief Executive Officer, senior managers and staff. Finally, His Majesty Sultan Qaboos Bin Said and his Government were thanked for their invaluable advice, timely encouragement and wise guidance.

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