Kuwait Airways narrowed down its loss by nearly 50% in 2022 as passenger revenue surged post-pandemic with the airlines’ continued efforts to expand its network. The airline’s reported a loss of 55 million Kuwaiti dinars ($178.6 million) compared to loss of 107 million dinars recorded in 2019.
Total passenger revenue rose 11% year-on-year to 289.1 million dinars in 2022 as the airline carried 3.5 million people, 2% more than the previous fiscal year.
“Kuwait Airways achieved actual better-than-expected results in 2022,” commented Ali Al Dukhan, chairman, Kuwait Airways during the annual general meeting held over the weekend.
The airline reported a load factor of 69.7% in 2022, up 2% year-on-year. The number of flights rose 5% on an annual basis to 25,000 flights.
“This is one of the first years where we have positive cash flow at Kuwait Airways, and this is part of our efforts to reduce our debt,” added Maen Mahmoud Razouqi, the airline's chief executive, at the AGM.
Kuwait Airways has so far taken delivery of 12 new jets, with 17 more coming in 2024 and 2025.
The airline further announced plans to lease eight Airbus aircraft over the next decade to boost passenger numbers and capitalise on the region’s growing popularity as a key tourist destination.
“The planes would exclusively include Airbus 321neo aircraft and that any contract(s) signed will likely last between 8 and 10 years,” added Al Dukhan.
At the beginning of 2022, Kuwait Airways had increased its initial Airbus order from 28 to 31 as a part of a multi-year, multimillion-pound deal. At the time, the airline cited its hopes of meeting its goal of expanding its services with non-stop services across Africa, Europe, North America, and Southeast Asia.