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Gulf Air Achieves Significant Cost-savings Across its Business


 

Gulf Air, the national carrier of the Kingdom of Bahrain, has made significant achievements across its business operations resulting in BD 25.5 million overall in cost savings in 2011.

The airline’s aggressive cost-saving plans and measures, started in 2010 following its new business strategy, has yielded positive results in terms of cost-control, cost-efficiency, expenditure reduction and manpower optimization.

Encouraged by the results, the national carrier is pushing forward with its cost-efficiency measures in 2012 and is targeting a further 15% reduction in its cost base for the full year; it has already achieved a savings of BD 6.8 million between Jan and May this year.  

Announcing it today Gulf Air CEO Samer Majali said, ”I am glad to report that our several restructuring initiatives aimed to reduce costs have helped us reduce our operating losses, achieve cost efficiencies without affecting the quality of our products and services offering and customer service.”

He continued, “Despite a very difficult 2011 caused by the regional geo-political situation and higher fuel prices that have severely impacted our business, we were able to achieve this. We used this difficult period as an opportunity to focus internally reviewing our functions such as operations, services, products, fleet maintenance, fuel savings, contract negotiations and manpower optimization. We applied tighter control over expenditure and implemented cost-control measures, higher asset productivity and more streamlined processes.”

He added, “While we are pleased with what we have achieved so far, we have set a definitive action plan for 2012 to achieve a further 15% reduction on our cost base this year and are aggressively pushing forward towards our target.”

“All these measures are being taken while maintaining the highest levels of flight safety, schedule reliability and passenger convenience. The credit goes to all my colleagues at every level and every department, who have been working together to achieve this,” Mr. Majali concluded.

During 2010-2011, Gulf Air reduced its costs by 12% on the back of a revenue generation of BD 405 million. This was achieved through diligent negotiations with suppliers on technical compensations, warranties, renegotiation of contracts, reduction in lease charges, disposal of engine scraps, aircraft weight management, changes in inflight products, etc.

The arrival of new A320 fleet fitted with fuel efficient and environment-friendly engines have also helped it to achieve a total fuel savings equivalent to BD 1.4 million.

One of the major achievements this year is the insourcing of the airline’s fleet technical management services, which is expected to yield an estimated annual net savings of BD 5.4 million.

Gulf Air has been proactively introducing several innovative products and services both onboard and on ground. In October last year Gulf Air introduced “Sky hub”, the world’s first fully integrated entertainment hub that offers live TV, broadband hi-speed internet and mobile phone service onboard. The airline also opened two fully renovated state-of-the-art lounges in London and Bahrain. The re-fleeting strategy has also resulted in the airline currently operating one of the youngest fleet in the region with an average age of just 5.06 years.

Last year the airline also launched a series of customer-focused travel packages such as family-friendly, business-friendly, Falcon Corporate Plus and a revamped Falcon Flyer programme.

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Gulf Air’s Board of Directors under the Chairmanship of H.E. Shaikh Khaled bin Abdulla Al Khalifa,
Gulf Air’s Board of Directors under the Chairmanship of H.E. Shaikh Khaled bin Abdulla Al Khalifa,

During the meeting, the Board of Directors appointed the airline’s Deputy Chief Executive Officer, Mr. Maher Salman Jabor Al Musallam as Acting Chief Executive Officer. (11/12/2012)
Gulf Air Restructures Fleet Orders with Boeing and Airbus to Reduce Long-term Liability and Meet Fut
Gulf Air Restructures Fleet Orders with Boeing and Airbus to Reduce Long-term Liability and Meet Fut

Gulf Air is pleased to announce that after extensive negotiations with Airbus and Boeing - its two key suppliers of wide-body and narrow-body aircraft - it has signed amendment agreements with both ai (12/11/2012)
Positive sentiment for Bahrain business travel
Positive sentiment for Bahrain business travel

The future of Bahrain’s meetings and incentive and business travel sector looks positive, with the Bahrain Exhibition and Convention Authority reporting an increase in the number of specialised inte (13/10/2012)
Gulf Air resumes flights to Iran and Iraq
Gulf Air resumes flights to Iran and Iraq

Bahrain’s national carrier, Gulf Air will resume its services to Iran and Iraq from 20 September 2012 following the Bahrain Government’s approval. (16/08/2012)
Gulf Air Achieves Significant Cost-savings Across its Business
Gulf Air Achieves Significant Cost-savings Across its Business

Airline’s restructuring initiatives result in a cost-saving of BD 25.5 million in 2011. National carrier targets a further 15% cost base reduction in 2012 (09/07/2012)
Gulf Air’s summer offer to enjoy new premium products and services
Gulf Air’s summer offer to enjoy new premium products and services

Airline announces 25% off on Falcon Gold class fares across its network (15/05/2012)
Gulf Air strengthens Qatar operations with seven more flights a week
Gulf Air strengthens Qatar operations with seven more flights a week

Gulf Air, the national carrier of the Kingdom of Bahrain, increased its flights to Doha from 35 to 42 times a week, as of 25 March 2012. (08/04/2012)

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