DUBAI: Budget carrier flydubai reported a 2020 loss of 712.6 million dirhams ($194 million) as passenger numbers plummeted in the year of the pandemic.
That compared to a profit of 198.2 million dirhams a year earlier.
Annual revenues fell by more than half to 2.8 billion dirhams, the company said in a statement on Sunday.
“The COVID-19 pandemic has impacted us more than any other crisis,” said flydubai CEO Ghaith Al Ghaith. “We fully recognize that it is the priority of governments to ensure the health and wellbeing of its people. The effects of the travel restrictions that were put in place to safeguard against transmission of the virus have heavily impacted the aviation industry.”
Like other regional carriers, flydubai was hit hard by the collapse of international air travel last year. At the same time it was also impacted by the 22-month
grounding of the Boeing 737 MAX aircraft.
This heavily impacted the financial performance from mid-March, continued into the second quarter and resulted in a loss of 545.2 million dirhams for the six-month period ending 30 June, the airline said.
Flydubai reports $194m full year loss
https://arab.news/b85wf
Flydubai reports $194m full year loss
- Pandemic grounded flights worldwide
- Also affected by Boeing 737 MAX grounding
Closing Bell: Saudi main index closes in red at 10,414
RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower on Wednesday, shedding 38.85 points, or 0.37 percent, to finish at 10,414.06.
Total trading turnover on the benchmark index reached SR3.46 billion ($920 million), with 123 stocks advancing and 134 declining.
The Kingdom’s parallel market Nomu also shed 41.61 points, or 0.18 percent, to close at 23,428.67.
The MSCI Tadawul Index edged down 0.45 percent to 1,368.36.
Arabian Drilling Co. was the best-performing stock on the main market, with its share price rising 6.8 percent to SR102.90.
Naqi Water Co. gained 4.30 percent to SR58.25, while Saudi Ground Services Co. advanced 3.78 percent to SR38.42.
Tihama Advertising, Public Relations and Marketing Co. saw its share price fall 4.95 percent to SR16.31.
AlAhli REIT Fund 1 also declined 3.53 percent to SR6.29.
On the announcements front, United Mining Industries Co., listed on the parallel market, said it has begun commercial production of gypsum board at its plant in Yanbu.
In a Tadawul statement, the company said the financial impact of the project’s commercial production will be reflected in the first quarter of 2026.
United Mining Industries Co.’s share price was unchanged, closing at SR42.54.
Dkhoun National Trading Co. said its shareholders approved the board’s recommendation to distribute interim dividends on a semi-annual or quarterly basis for 2025.
According to a Tadawul statement, shareholders also approved transferring the balance of the company’s statutory reserve, valued at SR2.43 million, to retained earnings.
Dkhoun National Trading Co.’s shares saw no trades and closed at SR65.
