Wednesday, 21 February 2018 10:51 GMT
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Oman Air increases authorized share capital

(MENAFN - Arab News) At its agm last week oman air reported strong increases in revenues and passenger numbers supported by growth in seat capacity cargo operations and the number of passengers carried in 2013

Oman air's chairman darwish bin ismail al-balushi announced a move to increase the authorized share capital of the company by 200 million omani rials to a total of 700 million omani rials

Al-balushi said: 'over the course of 2013 we have enhanced our focus on driving up quality standards. the significant 10 percent increase in our revenues and the very positive growth of 13 percent in our passenger numbers demonstrate that demand for oman air's award-winning services continue to grow while the 15 percent increase in the tonnage of cargo handled by oman air illustrates the wisdom of our continued investment in this area of operations.

He added: 'although oman air's loss increased in 2013 by 16 percent to 113.3435 million rials the company's direct and indirect contribution to the omani economy over the same period was according to studies we have commissioned as much as 400 million rials which more than offsets oman air's financial debt to the nation.

Al-balushi said: 'the loss was as a result of our continued investment in new aircraft. the arrival later in 2014 of the first of the 20 new aircraft we currently have on order will signal the start of a major new phase in oman air's growth and an increase in our capacity to tackle oman air's deficit and move toward profitability.in order to further assist this progress i am pleased to announce an increase of 200 million rials to oman air's authorized share capital taking the total to 700 million rials.

He said satisfaction was expressed with the investment oman air made in 2013 in its work force.


Oman Air increases authorized share capital

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