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Gulf Air A320

ATW Photo Gallery-In the News-September 2015

Gulf Air has turned in an annual loss of BD62.7 million ($166 million) for 2014, an improvement on 2013’s figure of BD93.3 million. Last year’s figures continued the slow but steady improvement in the financial situation of Bahrain’s national carrier that, as recently as 2011, lost BD211 million.

Gulf Air described the latest, recently confirmed figures as its “best financial results since 2004.”

As a state-owned company, Gulf Air is not obliged to post detailed financial results and the airline gave few other figures or financial details. However, it said it had recorded a 15.4% rise in passengers compared to 2013.

In a statement, the airline’s chairman and deputy prime minister, Sheikh Khalid bin Abdulla Al Khalifa, said Gulf Air’s 2014 performance “reflects a steady and continued improvement in its financial and operational business.”

Acting CEO Maher Salman Al Musallam added: “We are moving strategically forward, making changes to Bahrain’s national carrier that are not only positive in the short term, but that form part of our greater long-term strategy towards transforming the airlines across many fronts.

“Our 2014 results were promising and trends are favorable.”

Despite its improved figures, Al Musallam is on record as saying the airline, in its current form, will not be able to break even as it sells only seats, whereas other major carriers in the region offer ancillary services such as engineering or consultancy that contribute to their overall figures.

However, this could change if the state-owned Mumtalakat holding company goes ahead with plans to bring together other Bahraini aviation interests, such as Bahrain Airport Co., fuel suppliers and handling agents.

As part of a transformation program on which it embarked in 2013, Gulf Air has moved away from carrying low-value transit traffic through its Muharraq hub to become a largely regional carrier, carrying higher-value point-to-point passengers. It retains long-haul routes to London, Paris, Manila and Bangkok.

It cut many routes as it embarked on a major transformation program in 2012, but over the past year has started to expand its network again, notably to India, Saudi Arabia and Russia. It remains strongly focused on Middle East destinations, with double-daily flights to 10 points in the region.

The past year has also seen it complete a major cabin refurbishment of its long-haul Airbus A330s.

It recently held talks with Airbus on a major fleet renewal program and is working toward what it describes as a strategic airline alliance.

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