Kuwait Airways revenues jump by 16% in 2023

Kuwait: Kuwait Airways Corporation (KAC) reported a 16 percent increase in revenue for 2023, reaching KD 335 million (about $1 billion), announced Board Chairman Abdulmohsen Alfagaan on Thursday. In a news statement after the KAC general assembly meeting, Alfagaan said the corporation’s flights increased to 32,839 in 2023, a 26 percent rise from 2022. In 2023, the airline added two A320neo Airbus planes, bringing its total of that type to nine, and its seat capacity grew by 26 percent to 6,448,028.

KAC earned KD 7.8 million (about $25.4 million) in revenues from codeshare agreements with Saudi, Greek, and Thai airlines, covering a total of 475 destinations. The number of passengers rose to 4,550,858 in 2023, a 29 percent increase from 2022, and the seat occupancy rate reached 71 percent, up 2 percent from 2022.

Alfagaan highlighted KAC’s steady growth over the past two years, citing strong quarterly results which reached unprecedented levels. The board of directors is focused on enhancing KAC’s operations and revenues. He emphasized the importance of maintaining KAC’s status by improving its operational systems to meet global standards.

Recently, KAC achieved notable milestones, including being recognized for the best ground services by Indian Airways and being approved as a shipping airline for EU countries. In 2023, KAC signed a maintenance agreement with Rolls-Royce for A330neo engines and launched several new services, including a VIP lounge for royal, first-class passengers, and platinum cardholders at T4. KAC is also working on its next strategic plan, aiming to improve comfort and entertainment options for travelers.