Oman Airports celebrates record profits in 2023

16/04/24

Oman Airports and its subsidiaries have achieved remarkable growth in both financial performance and operational efficiency as highlighted in a latest report.

According to Oman Airports Outlook report for 2023, consolidated net profit surged by an impressive 45% to OMR 18.5 million (USD 48 million). Additionally, Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) experienced a substantial increase of 27%, reaching OMR 31 million (USD 80.5 million).

Further analysis reveals a remarkable 44% increase in passenger numbers, totaling 14.2 million, while the number of flights rose by 37% compared to 2022 figures. Notably, the company expanded its network, welcoming two new airlines, bringing the total to 40 airlines and serving an impressive 146 destinations overall.

These outstanding results underscore the dedicated efforts, operational efficiency and ongoing innovation demonstrated by the management and associated teams, according to the report.

In addition, subsidiary Oman Airports Management Company SAOC, which oversees a portfolio of seven airports in Oman (the largest being Muscat International Airport) reported a standalone revenue of OMR 124.4 million (USD 323.1 million) in 2023, marking a significant increase from the OMR 86.3 million reported in 2022. The company's EBITDA margin remained robust at 24%, indicating strong operational efficiency and profitability.

Moreover, Oman Airports SAOC's standalone net profit witnessed a substantial rise, reaching OMR 20.6 million (USD 53.5 million) in 2023, compared to OMR 12.8 million (USD 33.2 million) in the previous year, reflecting a healthy profit increase of over 60%. EBITDA also demonstrated exceptional growth, reaching OMR 27.3 million (USD 70.9 million) from OMR 19.4 million (USD 50.4 million) in 2022.

Moreover, the company's substantial financial contribution to the government underscores its role in growing the travel and tourism sector as a key economic driver, with contributions reaching OMR 24 million (USD 62.3 million) in 2023, a significant increase from previous years.

As Oman Airports continues to reach new heights, it reaffirms its commitment to excellence and innovation, driving forward not only the aviation industry but also the broader economy of the Sultanate of Oman.

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