Gulf Air profits up 53% after route cuts and passenger rise

TDT | Manama

Email: mail@newsofbahrain.com

Gulf Air’s operating profits rose by more than half last year, driven by cost controls and a slight rise in passenger numbers, according to the kingdom’s sovereign wealth fund. Mumtalakat Holding said early figures for 2024 showed a 53 per cent increase in operating profits. The national carrier flew 6.2 million passengers over the year, a rise of 5.4 per cent on 2023.

The figures were disclosed in a reply by Minister of Cabinet Affairs Hamad bin Faisal Al Maliki to a parliamentary question from MP Khalid Buanaq. Mumtalakat said financial plans had helped bring down shortfalls and improve day-today performance. It also pointed to a series of decisions aimed at tightening operations and adjusting routes based on passenger demand.

Gulf Air brought in BD473.5 million in operating revenues in 2023, up 10 per cent on the previous year. That is the highest figure recorded since 2012. Running costs rose as well. They stood at BD429.2 million in 2022 and increased to BD468.2 million in 2023.