Gulf Air recorded revenues of BD440.2 million at the end of last year, it has emerged.The airline’s debts hit BD301.8m last year and plans are underway to balance the books by the end of 2027, according to a report presented by Gulf Air Group Holding Company, through the government, to Parliament.The report, referred by Transportation and Telecommunications Minister Mohammed Al Kaabi, who is politically responsible for the kingdom’s sovereign wealth fund Bahrain Mumtalakat Holding Company, further stated that Gulf Air had purchased 10 new aircraft last year leading to debts hitting BD301.8m.He added that the owed amounts were changing continuously depending on circumstances and interchangeable variables.The owed amounts at the end of 2022, as stated in the report, were BD112.3m while the company’s revenues were BD405m.“Last year, BD156.9m was spent on aircraft fuel compared with BD160.6m in 2022, with the Ukraine-Russia conflict leading to a surge in fuel prices by 64.8pc,” the report pointed out.“We have introduced fuel cost-saving measures and there are fresh ideas being put on the table on a regular basis to further reduce the amount, which represents a third of the operational costs.”“Global airlines are being faced with challenges, mainly pressure owing to market prices, as the industry has recovered faster than expected following Covid-19,” said the report presented by the company.“This aside, Gulf Air has managed to get BD440.2m revenues last year with an increase of 9pc from 2022.“The airline received BD48.7m in financial support last year to help with its plans to increase revenues and reduce spending.“Gulf Air spent BD3.8m on marketing and promotions with its share amongst other regional players jumping to 4pc.“However, it continued to have a 67pc dominance in the local market last year through point-to-point and connecting flights.”The report added that revenues increased by up to 10pc in 2023 while losses were reduced by 1.7pc. This is despite a 7.1pc increase in operational costs.“We are working to balance the books by 2027 and there are many new destinations planned this year and in future following close study and assessment,” the report added.Gulf Air also said that of the total 3,028 employees (as of December 26, 2023), 1,702 were Bahrainis. The total salaries of Bahrainis amounted to 68.7pc of the payroll, with the average wage being BD1,812.500 compared with BD1,058 for expatriates. (ICE Doha)

Fonte notizia: Gulf Daily News