Kuwait Airways reports over $1b in revenues 2023

Dubai: The flag carrier of Kuwait, Kuwait Airways Corporation (KAC) reports a 16 per cent increase in revenue for 2023, reaching $1 billion (Dh3.67 billion), as announced by board chairman Abdul Mohsen Al Fagaan on Thursday.

Following the KAC general assembly meeting, Al Fagaan highlighted that the number of flights increased to 32,839 in 2023, a 26 per cent rise from the previous year. He noted that KAC received its final two A320neo aircraft this year, bringing its total fleet of this model to nine, as reported by the Kuwait News Agency.

Revenues from codeshare agreements with Saudi, Greek, and Thai airlines amounted to $25.4 million (Dh93.2 million), covering a total of 475 destinations.

Passenger numbers reached 4,550,858 in 2023, a 29 per cent increase, while the seat occupancy rate rose by two percent to 71 per cent. Additionally, KAC’s seat capacity increased by 26 per cent to 6,448,028.

Alfagaan emphasised the board’s commitment to enhancing the corporation’s operations for improved revenue. He reiterated KAC’s dedication to maintaining its competitive position by upgrading its operational systems to align with global standards.

This year, KAC signed a maintenance agreement with Rolls-Royce for A330neo aircraft engines.

The corporation has introduced various new services, including a lounge for royal and first-class passengers, as well as platinum cardholders at Terminal 4. Alfagaan confirmed that KAC is progressing towards its strategic plan, having recently enhanced services related to passenger comfort and entertainment.