Oman Air has reported that it managed to reduce its losses by 36% in the fiscal year 2023, compared to the same period in 2022. 

During a press conference held on March 31, 2024, H. E. Said Hamood al Mawali, Minister of Transport, Communications and Information Technology of the Sultanate of Oman and Chairman of the Board of Directors of Oman Air, explained that the airline had increased its revenues by 30% and its load factor by 9%, reaching the six million passenger mark, while also cutting costs across non-essential areas. 

 A case in point is the termination of the airline’s sponsorship of Premier League football club Chelsea FC, which, according to the airline head, did not incur any penalties.  

In the last 12 months, Oman Air has been implementing a thorough restructuring process with the aim of restoring its financial health. It is within this context that the Omani flag carrier has also decided to downsize its long-haul fleet, retiring its Airbus A330 aircraft with immediate effect. This means that the last flight operated by the type was the Moscow to Muscat rotation on March 30, 2024.  

At the time of the airline’s announcement, Oman Air had four Airbus A330-200s and six A330-300s in its fleet. Some of these aircraft had been leased out to Qatar Airways for a period of time. 

In January 2024 Oman Air also announced several network adjustments that would see it drop or reduce frequencies on a number of routes, mostly to destinations in Pakistan, Sri Lanka, India, and Bangladesh. At the same time, Oman Air’s low-cost subsidiary Salam Air has been adding capacity on routes to South Asia. 

The head of Oman Air also stated that the airline had closed the 2023 fiscal year without the need for additional government loans or guarantees and it expected to continue implementing efficiency-boosting measures throughout 2024.