Flynas posts SAR 6.3B revenue in 2023, sees annual profit since 2015

Flynas CEO Bandar Al-Mohanna said that the carrier's total revenues in 2023 amounted to SAR 6.3 billion, up 32% compared to 2022.

These statements came today at the Airline Economics Conference, hosted by Riyadh city on April 22-23, in which he confirmed that flynas, which was founded in 2007, has been posting annual profit since 2015, with the exception of the period of the pandemic in 2020.

Al-Mohanna also confirmed that flynas has requested offers for 30 wide-body aircraft, indicating that it is expected that the selection and signing of the deal will take place in 2024, in order to keep pace with the company’s strategic plan for growth and expansion.

The 2020 COVID pandemic was the biggest challenge in light of the halt of operations and revenues; so the company launched a turnaround program during the pandemic with the aim of rebuilding its strategy and business model. This program had a positive impact on improving operating efficiency and spending, as the company was able to save SAR 375 million during the pandemic, according to the top executive.

The airline confirmed in a statement it intends to offer its shares for public subscription in 2024.