Kuwait Airways held its Annual General Meetings (AGM) for the fiscal year ending on 31 December 2022, where the general assembly approved all the items on the agenda, including the financial and administrative reports, as well as the deferment of certain liabilities of several government agencies that were challenging to collect for the previous fiscal years.
In his speech during the Annual General Meetings, Kuwait Airways Chairman, Captain Ali Al-Dukhan stated, “The Board of Directors has been committed towards 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 in 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.”
Al-Dukhan 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.”
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 saving 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.”
Al-Dukhan continued, “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%.”