RIYADH: Oman Air Cargo’s push to increase capacity saw its freight volumes surge 42 percent in the first half of 2023 compared to the corresponding period of 2022, despite challenging market conditions.
Total cargo revenue in the first six months of the year surpassed 22.3 million Omani rials ($57.9 million), reflecting the airline’s resilience of operations, according to a statement.
This rise aligns with the national carrier’s goal of retaining its strong position in the market, the statement added.
“Despite a dip in yield compared to the previous year, the results indicate healthy growth, and the carrier’s focus on technology, efficiency, and customer service is ensuring it retains its strong position in the market,” said Oman Air.
Since its inception in 2009, the company has maintained an upward trajectory, having obtained several certifications in 2021, added several new destinations, and introduced its innovative cargo-in-cabin service to Europe in 2022.
The airline removed the seats of its A330-300 passenger flights to raise the capacity to 40 tons per aircraft.
The national carrier’s strategy in 2023 includes the launch of its first-ever freighter in an attempt to meet growing demand.
“Our journey continues with a new freighter and our ongoing digitalization program, shaping a promising year ahead,” Oman Air tweeted.
Earlier this month, the airline approved a restructuring program to reduce its losses by 15 percent during the current fiscal year while aiming to reach a break-even point by 2026.
In a press conference at the time, Saeed bin Hamoud Al-Maawali, Oman’s minister of transport, communications, and information technology, announced that the airline’s board had approved a comprehensive program to restructure the national carrier based on a specialized study.
In a financial statement issued in May, the airline made a forecast of reducing its net loss by a further 56 percent in 2023, compared to a 35 percent decline in 2022.
It hopes to increase its total revenues by 236 percent this year compared to 2020.
The program will be implemented over the next three to four years and aims to address ongoing losses and debt accumulation.
