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Daily Tribune

Gulf Air profit up 53%; routes cut, flights added

Gulf Air recorded a 53 per cent rise in operating profit in 2024, following measures taken to improve performance and review route efficiency. Passenger numbers increased by 5.4 per cent, with the airline flying 6.2 million travellers last year. The figures appeared in a written reply from Minister of Cabinet Affairs, His Excellency Hamad bin Faisal Al Maliki, who oversees Bahrain Mumtalakat Holding Company, in response to a parliamentary question from MP Khalid Buanaq. Mumtalakat confirmed that the financial strategy introduced for the airline is starting to reduce the deficit gradually. Service delivery It also pointed to steps taken to improve service delivery, including network adjustments and fleet expansion. Gulf Air is continuing to work on increasing income and managing expenses. A number of direct routes were resumed or introduced in 2024. The airline now plans to serve 66 destinations within the next three years, and over 100 through partner networks. New aircraft are being added to the fleet in stages to support these plans and meet rising demand. Operating revenue The company's operating revenue reached BD473.515 million in 2023, compared with BD430.664 million in 2022. This marked the highest level since 2012. Operating costs rose to BD 468. 204 million from BD429.154 million. As a result, operating profit increased from BD1.510 million in 2022 to BD5.311 million in 2023. Other income included earnings from affiliated companies, bank interest and the sale of assets. These reached BD6.573 million in 2022 and BD5.523 million in 2023. Finance At the same time, finance costs rose from BD30.180 million in 2022 to BD39.491 million in 2023. Currency exchange charges and related fees stood at BD8.488 million and BD3.856 million respectively. According to Mumtalakat, the airline board is pressing ahead with efforts to raise efficiency and improve competitiveness. Destinations Seven loss-making routes have been cancelled and flights were reduced to seven others. Twelve destinations across the Middle East, East Asia, India and Europe were selected for increased service.