KUWAIT AIRWAYS COMPANY

1. KUWAIT AIRWAYS COMPANY 2018-03-23 → present
2. KUWAIT AIRWAYS CORPORATION 1965-12-08 → 2018-03-23

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

IFRS

Reporting scope

Consolidated group

Auditor

Ernst & Young Al Aiban, Al Osaimi & Partners

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“Notwithstanding the above, the Group has prepared the consolidated financial statements on the basis that it will continue to operate as a going concern. The Parent Company is fully owned by the Government of Kuwait and the management have formed a judgement that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Other mitigating factors considered the Group to address its going concern basis include:”

Group structure

1. KUWAIT AIRWAYS COMPANY · parent
   1. Kuwait Aviation Services Company K.S.C. (Closed) 100% · Kuwait · Banquet services and in-flight catering services
   2. Automated Systems Company K.S.C.P. 68.5% · Kuwait · IT infrastructure and software solutions
   3. Franchise International for General Trading Company S.P.C. 100% · Kuwait · General trading

Significant events

• “For the year ended 31 December 2024, the Group incurred a net loss of KD 124,800 thousand (2023: KD 114,735 thousand) and, as of that date, the Group's current liabilities exceeded its current assets by KD 534,408 thousand. Further, the Group's accumulated losses amounted to KD 902,479 thousand as at the reporting date, which in excess of 75% of its paid-up capital. The Board of Directors resolved to call for an EGM to propose reduction and increase of share capital. The Group has committed to an aggregate capital expenditure of approximately KD 445,000 thousand for aircraft purchase commitments, engines, and spare parts for the fiscal years 2024 through 2028. During the year, the Group received 2 narrow-body (A320 Neo) aircraft and redelivered 1 wide-body (A330), resulting in a fleet size of 32 aircraft. Subsequent to the reporting date, all credit facilities availed by the Group have been renewed and rolled over with existing lenders and secured additional credit facility from a local bank at competitive rates, resulting in an increased financing capacity of KD 120 million.”
• “During the current year, the Parent Company and its subsidiaries identified certain matters relating to prior periods that warranted retrospective adjustments in accordance with International Accounting Standard 8 'Accounting Policies, Changes in Accounting Estimates and Errors'. The key items giving rise to the restatement are summarized below: As at 1 January 2023 and 31 December 2023, end of service benefits for certain national employees were not recognised. In 2024, one of the Group's subsidiaries, discovered a fraud incident which, upon further investigation, was found to be linked to inaccuracies in the accounting records for accrued staff leave and end of service benefits. In 2024, the Group identified certain service income related to prior reporting periods up to 31 December 2023 that have not been previously recognised.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

1

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -6.4%

  £437,841,000 → £409,791,000

• Cash

  -43%

  £78,753,000 → £44,896,000

• Net assets

  —

  Not reported

• Employees

  —

  Not reported

• Operating profit

  -18.9%

  -£99,340,000 → -£118,140,000

• Profit before tax

  -8.8%

  -£114,622,000 → -£124,722,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers