Latest news with #Korfiatis
Observer
02-06-2025
- 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.'
Zawya
24-04-2025
- Business
- Zawya
Oman Air, Oman Airports target financial sustainability; Omanisation reaches 79%
Muscat: Oman Air and Oman Airports held a media briefing highlighting the latest developments for financial sustainability and economic success achieved in 2024. Oman Air CEO Korfiatis stated that expatriate staff has been reduced by 500 and that the Omanisation percentage has increased to 79 percent. The briefing reviewed the latest developments in Oman Air and Oman Airports' plan to transform for financial sustainability and achieve economic success in 2024. Key highlights: Oman Airports CEO stated, "It's a challenge to optimise operational performance. In 2025 passengers increased by 12.9 percent. Salalah Airport nearing full capacity, and is also receiving flights directly from Europe." Oman Air CEO said, "There will be be cost reduction programme. Omanisation rate has reached 79% Flight ticket prices for Salalah-Muscat route is now fixed. New flights to destinations like London, Amsterdam, Moscow coming soon." © Muscat Media Group Provided by SyndiGate Media Inc. (
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.
Times of Oman
23-04-2025
- Business
- Times of Oman
Oman Air, Oman Airports target financial sustainability; Omanisation reaches 79 percent
Muscat: Oman Air and Oman Airports held a media briefing highlighting the latest developments for financial sustainability and economic success achieved in 2024. Oman Air CEO Korfiatis stated that expatriate staff has been reduced by 500 and that the Omanisation percentage has increased to 79 percent. The briefing reviewed the latest developments in Oman Air and Oman Airports' plan to transform for financial sustainability and achieve economic success in 2024. Key highlights: Oman Airports CEO stated, "It's a challenge to optimise operational performance. In 2025 passengers increased by 12.9 percent. Salalah Airport nearing full capacity, and is also receiving flights directly from Europe." Oman Air CEO said, "There will be be cost reduction programme. Omanisation rate has reached 79% Flight ticket prices for Salalah-Muscat route is now fixed.
Times of Oman
23-04-2025
- Business
- Times of Oman
Oman Air, Oman Airports target financial sustainability; Romanisation reaches 79 percent
Muscat: Oman Air and Oman Airports held media briefing to highlighting the latest developments for financial sustainability and achieve economic success in 2024. Oman Air CEO Korfiatis stated that expatriate staff has been reduced by 500 and that the Omanisation percentage has increased to 79 percent. The briefing reviewed the latest developments in Oman Air and Oman Airports' plan to transform for financial sustainability and achieve economic success in 2024. Key highlights: Oman Airports CEO stated, "It's a challenge to optimise operational performance. In 2025 passengers increased by 12.9 percent. Salalah Airport nearing full capacity, and is also receiving flights directly from Europe." Oman Air CEO said, "There will be be cost reduction programme. Omanisation rate has reached 79% Flight ticket prices for Salalah-Muscat route is now fixed.
