KAC restructures capital to write off nearly $1 bln in losses
A shareholder meeting of state-owned Kuwait Airways Corporation has approved an accounting move to extinguish 300 million dinars ($983 million) of accumulated losses via a capital reduction, the official gazette Kuwait Alyawm reported on Sunday.
The KAC previously had said it aims to break even in 2025 after years of accumulated losses. The airline has not disclosed its financial results for 2023 and 2024.
Regional carriers, like their global peers, were hit hard by the COVID-19 pandemic, but many Gulf airlines have since seen a strong rebound in demand and have become central players in broader regional economic diversification efforts, in areas such as tourism, according to Reuters Gulf Currents newsletter.
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