Oman Air, the national carrier of Oman, is trying to increase its paid up capital to 50 million riyals ($130 million) by the beginning of next year.
The airline successfully launched two new routes to New Delhi and Hyderabad in India in the beginning of this month, which are running to near full capacity both ways.
"The addition of these new flights is part of the expansion plans of Oman Air in which we are hoping to peg losses and show a profit of around 2 million riyals by the year-end," said Oman Air CEO Abdul Rahman Al-Busaidy, who was present in Hyderabad and New Delhi recently to attend the grand functions held to commemorate the launch of the new flights.
The CEO said that Oman Air was established as a company 20 years ago with a paid up capital of only 3 million riyals with which three divisions were created. But over the years the company made profits of around 12.5 million riyals.
"We are hoping to be able to raise the paid up capital to 50 million riyals in the beginning of next year. And for this we will begin by showing a profit of three years," Al-Busaidy told Arab News.
"The soft loan of 10 million riyals provided by the government is expected to give a new further impetus to the efforts of the company."
