The Annual General Meetings (AGM) of Kuwait Airways for the fiscal year concluding on 31st December 2022 has confirmed the progress made by the national carrier to rebuild following the pandemic.
Moreover, reports of certain liabilities of several government agencies that were challenging to collate for the previous financial years were also displayed.
Kuwait Airways 2022 performance
Captain Ali Al-Dukhan Kuwait Airways Chairman spoke during the Annual General Meetings: “The Board of Directors has been committed to developing all the services provided to maintain the company’s distinction and enhance its competitive position in the region in particular and in the field of aviation in general.”
“The fiscal year ending 31/12/2022 has been one of the most successful years for Kuwait Airways due to its achievement of the desired objectives, with the efforts of its employees, and is progressing today with its strategic plans and improvements in the entire system.”
Kuwait Airways have come a long way since the pandemic, and the Chairman is more than happy the employees came together as one and rebuilt a better Kuwait Airways.
The Chairman added: “The positive figures and results confirm the progress of the national carrier at a steady pace towards development and excellence.”
“This is in addition to a significant leap in the technical, professional, and administrative fields, applying innovative work methods, as well as investing in the human element, and creating an attractive environment for professional competencies.”
“This has been done by taking into account the significance of applying the latest technologies and applications to achieve strategic objectives and profitability, which has reflected in reducing the company’s losses to 50% from 107 million Kuwaiti Dinars at the end of 2019 to 55 million Kuwaiti Dinars in 2022.”
This reflects how manpower can help reshape the airline. Al-Dukhan said, “Kuwait Airways has completed many achievements in the previous period, the most prominent of which was the agreement with Airbus to restructure the fleet and to increase the fleet from 28 to 31 aircraft, part of which the company has received, and the remaining will be received in the coming years.”
It was also agreed to limit the types of aircraft, which would help in facilitating the movement of operations for pilots, engineers, and flight crew and save training expenses.
In addition, the agreement will achieve an increase in passenger seat capacity and financial savings compared to the market value of approximately 173 million dollars.
Furthermore, the MTOW feature was added for the aircraft to carry additional weight, and the agreement is the beginning of the phase of increasing the narrow body aircraft over the wide body, thereby increasing the flexibility of movement and deployment.
Reflecting on what the chairman stated, the Kuwaiti flag carrier is the launch carrier of the A330-800neo aircraft type, signifying the airline’s boldness in taking the step towards technology and sustainability.
The Chairman furthered: “Kuwait Airways achieved highly positive results than was expected in 2022, as total passenger revenues reached 289.1 million dinars, showing an increase of 11%, while the number of passengers reached 3.5 million, which is an increase of 2%.”
“Kuwait Airways operated approximately 25.5 thousand flights, marking an increase of 5% with the percentage of occupied seats reaching 69.7%, which is an increase of 2%.”
From what was being said by the chairman himself, the airline is making progressive performances in terms of monetary and load factors. Paving the way for the airline to go in an upwards trajectory.
With the airline performing impressively, the airline concluded in 2022 to expand its network globally. This includes Madrid, Manchester, Mykonos, Sarajevo, Izmir, Salalah, Hyderabad, Kathmandu, Kuala Lumpur, and Casablanca.
Moreover, 2022 was a pivotal year for the airline not because of its impressive figures. In addition, Kuwait Airways played a prominent role in shuttling fans for daily flights to the World Cup in Doha.
The chairman also highlighted that the airline has also extended the leasing contract for 7 Airbus A320 aircraft up to the year 2024.
This will inevitably increase the number of flights and allow the airline to venture into new markets.
The airlines have also inked new agreements with partner airlines. This includes new codeshare agreements with Sri Lankan Airlines and Air Europa. Moreover, the airline is also in talks with ITA Airways and Turkish Airlines.
The Kuwaiti flag carrier is keen to develop its customer service. This is done through the launching of the Platinum Card – the highest tier of the Oasis club. The airline will also improve menus on board and lounges throughout this year.
Kuwait Air continues to strive to become better. The airline’s achievements in 2022 are based on the Board of Directors plan.
In fact, the airline leap-frogged 103 places from 179th for the year 2021 to 76th rank in 2022 among the top 100 airlines.
Moreover, Kuwait Airlines obtained the ATO training system accreditation certificate. This is issued after complying with the requirements within the air transport sector.
Kuwait Airways rising from the lower ranks is becoming more recognized globally. The airline plans to structure the company in lieu of the current macroeconomic trends.
The airline hopes to reduce costs and achieve the highest profit making Kuwait Airways an efficient airline.