What’s New

Gulf Air has posted its 2015 financial and operational results, revealing a fall of almost BHD 40 million (USD 106.13 million) in the airline’s annual losses from BHD 62.7 million (USD 166.36 million) in 2014 to BHD 24.1 million (USD 63.94 million) in 2015 – equivalent to a landmark 62% reduction.
Commenting on the airline’s record 2015 annual results H.E. Shaikh Khalid bin Abdulla Al Khalifa, Deputy Prime Minister and Chairman of Gulf Air’s Board of Directors said: “I am delighted with these results. 2015 delivered the fruits of Gulf Air’s ongoing holistic business strategy, implemented since the airline’s 2013 restructuring. The airline’s losses in 2012 were BHD 196 million (USD 520.03 million) and this has fallen, by 2015, by 88% - no mean feat. With an improved performance, an increasingly positive financial trajectory for our national carrier and consistently falling losses, Gulf Air’s positive 2015 developments are visible across a broad spectrum of deliverables and could only have been realised with the support and direction of our leadership, the airline’s Board of Directors, executive management team and global workforce.”
On the airline’s 2015 progress, Gulf Air Chief Executive Officer, Mr. Maher Salman Al Musallam said: “We are further stabilising and strengthening the business in both the short and long term and this has been achievable primarily through the continued dedication and ability of all members of the Gulf Air family. As we successfully eradicate legacy debts, Gulf Air is further enabled to manage its controlled future growth, with the capabilities to further invest in the airline’s ongoing growth and development.”
Throughout 2015, Gulf Air focused on its performance turnaround and improving operational results. With an average annual on-time-performance of 89%, the airline remains one of the global leaders in on-time-punctuality, while its commitment to operating to the highest global safety standards saw it successfully complete its biennial IATA Operational Safety Audit (IOSA), keeping the airline on the IOSA registry until May 2017. On the network front, 2015 saw Gulf Air balance its regional stronghold with strategic global links extending to 44 destinations by the end of the year and this was further enhanced by Gulf Air’s continuous, dynamic schedule adjustments across its network in response to passenger demand. Strategically utilizing its fleet capability to cater to the airline’s growing capacity and network requirements, Gulf Air’s fleet underwent specific, targeted product enhancements that were completed by the end of 2015 including the retrofit of the airline’s A330 fleet. Channelling its strong in-house technical expertise, Gulf Air also successfully completed a fully insourced C1 check on its Airbus A321 aircraft at the airline’s base maintenance facility.
Gulf Air’s ongoing recovery, since 2013, and positive steps taken towards realising commercial sustainability, is a testament to the continuous state support received by the airline. The carrier’s annual national budget allocation has supported its strategic development and the allocated funds have, as a result of encouraging trends to date, fallen significantly since the start of the airline’s restructuring strategy in 2013, coinciding with the positive financial and operational results delivered since then.
Gulf Air’s 2015 financial results were audited by the international accounting firm Ernst and Young and approved at the AGM in the presence of representatives from Bahrain’s Ministry of Industry and Commerce and Gulf Air’s external auditor.
Source: Gulf Air