Muscat – This funding underscores the critical role of the company’s four-year transformation plan aimed at restoring financial stability.
The report indicated that the airline secured loans totaling RO 392 million over the past five years; however, its long-term financial commitments, including debts and aircraft leases, surged to RO 1.6 billion in 2023.
The national carrier’s equity value has plummeted and the value of its asset base has nearly halved since 2019, underscoring the gravity of its financial challenges. The report indicates that the airline’s operations are currently unsustainable without continued government support.
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To address these financial challenges, Oman Air has unveiled a comprehensive four-year transformation plan aimed at achieving self-sufficiency. This strategy involves restructuring flight routes, reducing the aircraft fleet, and enhancing operational efficiency.
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