Latest news with #ConKorfiatis
Zawya
4 days ago
- Business
- Zawya
Oman Air to join Oneworld Alliance on June 30: CEO
Muscat: Oman Air will officially join the Oneworld Alliance on June 30, after completing a nearly three-year process of integrating loyalty programmes, IT systems, and bookings with partner airlines. Speaking to the Observer, Con Korfiatis expressed his excitement about the upcoming alliance, stating, "We are pleased to be joining the Oneworld alliance on June 30, which is just four weeks away. This alliance will significantly expand our network reach through partnerships with other airlines, as we cannot fly to every destination ourselves." "We look forward to offering our customers a broader network through our alliance partners." Korfiatis also mentioned plans to increase flights to London in October, which will improve connectivity to North and South America through alliance partnerships," he added. The airline is expecting new aircraft to join their fleet, with a Dreamliner B787 arriving next week and additional 737 8 Max planes in the next 12 months. These new aircraft will enable growth in the fleet and increased operations, with flights to Amsterdam scheduled to commence on July 1. Con Korfiatis, CEO, Oman Air He said, 'Apart from Amsterdam and double-daily London flights, Moscow will be a year-round destination from seasonal. They're the only ones we've announced at this stage. We're always studying three to four routes at a time.' Although no new destinations are planned for the summer schedule, there will be increased capacity, including additional flights to Salalah. Korfiatis also mentioned challenges in securing airport slots in India, but expressed interest in exploring opportunities beyond India. Regarding transformation within the airline, Korfiatis highlighted the goal of achieving fiscal responsibility to support future growth. The airline is ahead of target in meeting key performance indicators and aims to achieve EBIT breakeven by 2027. 'Our shareholder wants us to be fiscally responsible because they have confidence in backing us to be able to grow and do more things. We want to grow, but we didn't have the foundation for growth. It's a three to four-year journey. We do have KPIs (EBIT breakeven) which are meant to be achieved by 2027, and we are already ahead of target.' For illustration purpose only Oneworld brings together 13 airlines – Alaska Airlines, American Airlines, British Airways, Cathay Pacific Airways, Finnair, Iberia, Japan Airlines, Malaysia Airlines, Qantas, Qatar Airways, Royal Air Maroc, Royal Jordanian, and SriLankan Airlines, and more than 20 of their affiliates. Oneworld member airlines work together to deliver consistently a superior, seamless travel experience, with special privileges and rewards for frequent flyers, including earning and redeeming miles and points across the entire alliance network. Top-tier cardholders (Emerald and Sapphire) enjoy access to airport lounges and are offered extra baggage allowances. A total of 44 requests were received, including 12 suggestions, 10 complaints, 20 inquiries and 2 reports, reflecting a growing interaction aimed at enhancing public participation tools.
Observer
4 days ago
- Business
- Observer
Oman Air to join Oneworld Alliance on June 30: CEO
Muscat, June 2 Oman Air will officially join the Oneworld Alliance on June 30, after completing a nearly three-year process of integrating loyalty programmes, IT systems, and bookings with partner airlines. Speaking to the Observer, Con Korfiatis expressed his excitement about the upcoming alliance, stating, "We are pleased to be joining the Oneworld alliance on June 30, which is just four weeks away. This alliance will significantly expand our network reach through partnerships with other airlines, as we cannot fly to every destination ourselves." "We look forward to offering our customers a broader network through our alliance partners." Korfiatis also mentioned plans to increase flights to London in October, which will improve connectivity to North and South America through alliance partnerships," he added. The airline is expecting new aircraft to join their fleet, with a Dreamliner B787 arriving next week and additional 737 8 Max planes in the next 12 months. These new aircraft will allow for growth in the fleet and increased operations, with flights to Amsterdam scheduled to begin on July 1. He said, 'Apart from Amsterdam and double-daily Delhi flights, Moscow will be a year-round destination from seasonal. They're the only ones we've announced at this stage. We're always studying three to four routes at a time.' While there are no new destinations planned for the summer schedule, there will be increased capacity, including more flights to Salalah. Korfiatis also mentioned challenges in securing airport slots in India, but expressed interest in exploring opportunities beyond India. Regarding transformation within the airline, Korfiatis highlighted the goal of achieving fiscal responsibility to support future growth. The airline is ahead of target in meeting key performance indicators and aims to achieve EBIT breakeven by 2027. 'Our shareholder wants us to be fiscally responsible because they have confidence in backing us to be able to grow and do more things. We want to grow, but we didn't have the foundation for growth. It's a three to four-year journey. We do have KPIs (EBIT breakeven) which are meant to be achieved by 2027, and we are already ahead of target.'
Muscat Daily
23-04-2025
- Business
- Muscat Daily
Oman Air sees positive results as transformation gains traction
Muscat – Oman Air's transformation journey is gathering momentum, achieving significant financial and operational improvements throughout 2024 and early 2025. The sultanate's national carrier, which launched an ambitious transformation strategy in 2023, is now beginning to see tangible outcomes from a comprehensive overhaul. At a joint annual press conference held on Wednesday under the patronage of H E Saeed bin Hamood al Mawali, Minister of Transport, Communications and Information Technology and Chairman of Oman Air and Oman Airports, both entities outlined key achievements and strategic priorities. The event focused on the airline's roadmap towards sustainable growth and enhancing Oman's status as a regional aviation hub. In his opening remarks, H E Mawali underlined the importance of strategic cooperation between Oman Air and Oman Airports in enhancing service quality and competitiveness both regionally and globally. He emphasised that the shared vision of the two organisations reflects a national commitment to building a prosperous and sustainable aviation future. Oman Air's transformation strategy has centred on optimising its network and fleet, restructuring its workforce, and prioritising point-to-point traffic in support of the sultanate's tourism and economic development objectives. At the press conference, Con Korfiatis, CEO of Oman Air, reported a 51% year-on-year improvement in earnings before interest, taxes, depreciation and amortisation for 2024 and revealed that the airline recorded the highest quarterly load factor in its history in Q1 2025, a significant turnaround following two years of structural reform. Con Korfiatis, CEO of Oman Air The airline sold 13 excess aircraft last year, reducing its fleet size by 29% compared to 2023 and 40% compared to pre-pandemic levels in 2019. This move aligned capacity with demand and improved asset utilisation. 'Year 2024 marked Oman Air's first full year of transformation,' said Korfiatis. 'We delivered substantial structural changes in 2023 and 2024, and the momentum is clearly building. The positive results in 2024 demonstrate that we are now firmly on the path to transformation.' He informed that passenger numbers exceeded 5.4mn in 2024, with available seat kilometres (ASK) reaching 19.4bn. Notably, the share of point-to-point traffic rose to 40%, up from 27% in 2019, highlighting a strategic shift to attract more direct travellers to Oman. Workforce restructuring has also been a key element of Oman Air's transformation aimed at enhancing operational efficiency and advancing localisation efforts. Omanisation rate has risen to 79.4%, up from 74.8% in 2023. Korfiatis highlighted the fact that the workforce rightsizing programme implemented last year is expected to result in annual savings of RO18mn for Oman Air. Oman Air has successfully redeployed 74 Omani employees within the company and offered new positions to 87 individuals across the broader aviation sector, even as 293 employees opted for severance packages ranging from 12 to 24 months. The airline invested approximately RO15mn in these packages to ensure financial stability for affected staff.
Muscat Daily
19-04-2025
- Business
- Muscat Daily
Oman Air restructuring in progress, Omanisation up
Muscat – Oman Air has completed a key phase of its strategic workforce restructuring, part of a broader transformation plan aimed at strengthening its financial performance and long-term viability. Over the past 18 months, the airline worked closely with stakeholders to align its workforce with industry standards and strategic priorities. As part of the plan, Oman Air offered affected employees several options, including end-of-service benefits, internal redeployment opportunities and recruitment assistance within the broader aviation sector. The company allocated RO15mn to support impacted employees, underlining its commitment to balancing financial restructuring with employee welfare. Con Korfiatis, CEO of Oman Air As a result of the restructuring, Oman Air reduced its expatriate workforce by 487 positions and increased its Omanisation rate to 79.4% in 2024, up from 74.8% the previous year. The move, the airline said, reflects its efforts to empower and invest in Omani talent across its operations. Of the 415 employees made redundant, 74 were reassigned within Oman Air, while 87 were offered roles within the wider aviation sector. Another 293 opted for a voluntary resignation package, with compensation covering 12 to 24 months. Oman Air continues to coordinate with Ministry of Labour and General Federation of Oman Workers to assist those who have not taken any of the available options. Con Korfiatis, CEO of Oman Air, said he was proud of the company's success in redeploying a significant number of affected employees. 'We remain committed to building an airline that contributes to the development of Oman's aviation sector and creates lasting value for the country and its people,' he said.
Observer
19-04-2025
- Business
- Observer
Oman Air sees an increase in Omanisation level
Muscat - Oman Air has reached a major milestone in its strategic rightsizing initiative, a key component of its broader transformation aimed at enhancing financial resilience and long-term sustainability. Over the past 18 months, the airline has worked closely with stakeholders to responsibly manage the process of rightsizing its workforce to align with industry benchmarks and its ongoing strategic requirements. As part of the programme, Oman Air has offered a variety of options for affected employees, including severance packages, priority access to vacancies within the company and sector, and dedicated job placement support. Ensuring that its journey towards long-term profitability is balanced with a strong commitment to employee welfare, the airline has invested around RO15 million in severance packages to provide those affected with financial security. Meanwhile, due to the reduction of its expatriate workforce by 487 to replace them with Omanis, the company has increased its Omanisation rate to 79.4 percent, compared to 74.8 percent in 2023 – demonstrating its dedication to developing and retaining Omani professionals and ensuring that national talent continues to play a central role in the company's future. To date, of the 415 employees identified as surplus, 74 have been successfully redeployed within the airline and 87 have been offered roles across the broader aviation ecosystem, while 293 have opted for severance packages ranging from 12-24 months. The company remains engaged with the Ministry of Labour and the Union to explore suitable outcomes for the remaining employees who have not yet opted for any of the available options. 'Oman Air has immense potential to contribute to national socio-economic development. However, financial challenges have severely constrained this ability. Beyond financial restructuring, this transformation is about building the right capabilities to compete effectively in a highly complex and competitive market, create long-term value for the country and establish a strong foundation for sustainable success,' said Con Korfiatis, Oman Air's Chief Executive Officer. 'A key priority throughout has been supporting our people, and we are proud that a significant number of employees whose roles were impacted have been successfully redeployed within the company or across the aviation sector. We remain committed to building an airline that will not only strengthen Oman's aviation sector but also have a lasting positive impact on the country and future generations of Omani citizens.'
