Saudi Arabia’s low-cost airline flynas has confirmed its plans to go public on the Saudi Stock Exchange (Tadawul) this year, as it revealed its financial results for the first time ahead of the listing.
Bandar Al Mohanna, the company’s CEO, confirmed the rumours of an upcoming initial public offering (IPO) during the Airline Economics Conference, hosted by Riyadh city earlier this week.
Al Mohanna stressed that the carrier, founded in 2007, has been posting continuous annual profit since 2015, except for 2020. Flynas’s total revenues in 2023 amounted to SAR 6.3 billion, a 32% increase compared to its 2022 results, marking the first time the company has made this figure public.
Reports of an upcoming IPO first emerged late last year, when Bloomberg revealed the Saudi Arabian low-cost carrier had hired Goldman Sachs Group, Morgan Stanley and Saudi Fransi Capital for a potential listing.
Earlier this month, flynas announced the delivery of its 50th Airbus A320neo jetliner at King Khalid International Airport in Riyadh. This delivery is part of a substantial order for 120 A320neo Airbus aircraft valued at over SAR 32 billion.
The listing will support the Kingdom’s IPO boom, as well as the country’s aviation ambitions, including a strategy to unlock $100 billion in private and government investment across the kingdom’s airports, airlines and aviation support services.
By the end of the decade, Saudi Arabia aims to welcome 330 million passengers, ensure connectivity with 250 destinations and develop cargo capacity of 4.5 million tonnes.
Flynas is partly owned by Kingdom Holding, the investment vehicle of HRH Prince Alwaleed bin Talal.
