Kuwait Airways’ parent company has disclosed a full-year loss of KD104.8 million ($342 million) for 2021, although this figure is less than half the previous deficit.
It generated revenues of KD196 million including nearly KD178 million in passenger and cargo revenues for the year.
Kuwait Airways’ employee costs fell by 20%, to KD93.7 million, but fuel expenditure increased by a third to KD36.8 million.
The company says it is closely monitoring personnel requirements “in line with demand projections”.
Disruption from the pandemic, it states, continued into the third quarter of 2021 and “negatively impacted” the company’s financial position and liquidity.
Current liabilities for the year exceeded current assets by KD83 million.
But the company, which remains government-owned, says it expects to continue operating for the foreseeable future.
Kuwait Airways says it is adapting to post-pandemic demand through its fleet restructuring, whereby it opted to take fewer high-capacity aircraft – reducing its Airbus A350 commitments – and instead leaned towards smaller types.