The CEO of flynas, Bandar Al-Muhanna, revealed that the total revenue of flynas in 2023 amounted to 6.3 billion Saudi riyals, an increase of 32% compared to the previous year 2022.
This came in his statements today at the “Economics of Airlines” conference, hosted by Riyadh on April 22 and 23 of this year. He confirmed that flynas, founded in 2007, has been profitable annually since 2015, except for the period of the COVID-19 pandemic in 2020.
Al-Muhanna also confirmed that flynas has applied for offers for 30 wide-body aircraft, expecting the selection and signing of the deal during the current year 2024, to keep pace with the company’s strategic plan for growth and expansion and contribute to achieving the goals of Saudi Vision 2030 to connect the world to the Kingdom with 250 international destinations.
Al-Muhanna pointed out that the COVID-19 crisis in 2020 was the biggest challenge due to the suspension of operations and revenue. Therefore, the company launched a transformation program during the pandemic to rebuild its strategy and business model, explaining that this program had a positive impact on improving operational efficiency and spending, as the company was able to save 375 million Saudi riyals during the pandemic period.
This is the first time that flynas, ranked fourth as the best low-cost airline in the world in 2023 according to “Skytrax”, has revealed its annual revenue amid confirmed reports of the company’s intention to offer its shares for global subscription during the current year 2024.
