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 part of a broader organizational restructuring process, aiming to evaluate and realign current capabilities with evolving market requirements. This involves preparing qualified personnel for leadership roles within Oman Air, the aviation system, or other government and private entities in Oman.
Expressing gratitude to the Oman Air Board of Directors, the Transformation Office, employees, and all contributors, the Minister acknowledged their significant role in the success of national efforts to enhance and sustain financial gains.
Initiated in August 2023, Oman Air's comprehensive restructuring program centers around four main pillars: financial sustainability, corporate governance, business aspects, and human capital. Oman Air actively pursues these strategic initiatives to position itself competitively in the global travel market while adapting to technological advancements and operational innovations, Al Maawali added.
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