Kuwait Airways cuts losses by half in 2022, chairman says

Kuwait Airways, the state-owned carrier which hasn’t made a profit in more than 30 years, reduced its losses by about half last year, Chairman Ali Al-Dukhan said.

The 2022 fiscal year was “one of the most successful years for Kuwait Airways, due to achieving its desired objectives,” Al-Dukhan told the company’s annual general meeting. Losses are down to 55 million dinars ($178.6 million) compared to 107 million dinars posted in 2019, he said, the last comparative fiscal year before the pandemic hit the industry.

The airline, which plans to break even in fiscal 2024, recorded an 11% rise in passenger revenue last year to 289.1 million dinars, flying 3.5 million people. It added 10 new routes in 2022, Al-Dukhan said.

The carrier last year restructured its order with Airbus SE, adding longer-distance single-aisle aircraft, while reducing a commitment to the largest jetliners as it adapted to post-Covid demand.

The company hasn’t posted a profit since Iraq’s 1990 invasion of Kuwait.