MUSCAT : Key highlights for the year 2023 are as follows:

• Record profits since inception

• Strong EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) margin, leading the aviation sector

• Passenger numbers recovered by 79 percent from Covid-19 in Muscat Airport, and 100% in Salalah Airport.

“The fiscal year 2023 proved to be a monumental success for Oman Airports and its subsidiaries marking a 45 percent increase in the net profit (2023 – RO 18.5 million) with an impressive growth of 27 percent in EBITDA (2023 – RO 31 million). These outstanding achievements stand as a testament to the dedicated efforts, operational efficiency, resource optimization, and relentless innovation exhibited by the management and our teams,” states the Outlook.

Oman Airports has reported exceptional growth in both financial performance and operational efficiency during 2023, registering significant increase in passenger traffic, flight movements, and overall profitability.

Passenger numbers witnessed a remarkable 43.5 percent increase compared to 2022, reaching a total of 14.2 million. This upsurge reflects Oman Airports’ ability to cater to evolving travel demands and strengthen connectivity within the region. The company also expanded its network, welcoming two new airlines and bringing the total number of destinations served to an impressive 146.

Oman Airports consolidated net profit soared by 45 percent to RO 18.5 million in 2023, recording a significant increase. EBITDA grew by an impressive 27 percent reaching RO 31 million.

Oman Airports Management Company SAOC, which oversees a portfolio of seven airports in Oman, recorded a standalone revenue of RO 124.4 million in 2023, a significant increase from RO 86.3 million in 2022. The company’s EBITDA margin stood at a healthy 24 percent signifying strong operational efficiency and profitability.

Oman Airports SAOC’s standalone net profit witnessed a substantial rise, reaching RO 20.6 million in 2023 compared to RO 12.8 million in the previous year, reflecting a healthy profit increase of over 60 percent. EBITDA also demonstrated exceptional growth, reaching RO 27.3 million from RO 19.4 million in 2022.

While navigating some challenges, including increased operational expenses due to higher receivables, Oman Airports remains committed to prudent financial management and strategic initiatives. The company’s focus lies on maintaining its growth trajectory and overcoming future hurdles.

Oman Airports has actively supported the Omani government and its entities. The company has taken proactive measures to ensure the financial stability of essential services without relying on external assistance.

Highlighting the same, the report states: “Our commitment to supporting the government (CAA, MoF, shareholders) and government entities has been unwavering. Unlike seeking subsidies, we’ve proactively stepped in to support a ground handling company that has been struggling financially. The company has taken the initiative to ensure adequacy of working capital, demonstrating our dedication to supporting essential services without relying on external assistance.”

Overall, 2023 proved to be a year of remarkable success for Oman Airports, solidifying its position as a key driver of Oman’s economic growth and future prosperity.

For all the latest news from Oman and GCC, follow us on Twitter, Instagram and LinkedIn, like us on Facebook and subscribe to our YouTube page, which is updated daily.