flynas posts record-breaking results with 47% increase in passengers

Flynas bought 160 Airbus airplanes in July in a sign of its continued growth. SPA
Short Url
Updated 02 August 2024
Follow

flynas posts record-breaking results with 47% increase in passengers

  • Growth attributed to airline’s strategic expansion plan
  • Airline’s recent achievements include 37% increase in seat capacity and expansion of domestic summer destinations

RIYADH: Saudi Arabia’s low-cost airline flynas achieved a record-breaking 47 percent increase in passenger numbers, surpassing 7 million travelers in the first half of 2024.

This growth is attributed to the airline’s strategic expansion plans, including fleet upgrades, increased capacity, and global network expansion.

The recent acquisition of 160 Airbus airplanes in July, more than doubling its total orders to 280 within seven years, is a key factor in this performance.

Flynas’ CEO and Managing Director Bander Al-Mohanna highlighted that these developments align with Saudi Arabia's National Civil Aviation Strategy, which aims to connect the Kingdom with 250 international destinations and accommodate 330 million passengers by 2030.

Al-Mohanna also noted that flynas’ “We Connect the World to the Kingdom” initiative supports the Pilgrims Experience Program, successfully transporting over 100,000 pilgrims from 20 countries in the first half of the year.

““Our strategy will also play a key part in driving the objectives of the Pilgrims Experience Program to facilitate access to the two holy mosques,” he said.

As part of Saudi Arabia’s Vision 2030, which seeks to diversify the economy away from oil dependency, significant investments are being made in the aviation sector. These investments focus on enhancing infrastructure, boosting tourism, and increasing international connectivity.

The airline’s recent achievements include a 37 percent increase in seat capacity and the expansion of domestic summer destinations, reflecting the airline’s commitment to supporting the Kingdom’s tourism sector. Additionally, the delivery of six A320neo aircraft and the addition of 25 new A320neo planes over the past 18 months have expanded the fleet to 60, creating new job opportunities for Saudis and advancing programs to nationalize key positions within the company.

Overall, flynas is positioned as a pivotal player in Saudi Arabia’s ambitious aviation growth plans, driving forward the nation's strategic objectives and enhancing its global connectivity.


Closing Bell: Saudi main index rises to close at 10,912 

Updated 18 January 2026
Follow

Closing Bell: Saudi main index rises to close at 10,912 

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 93.86 points, or 0.87 percent, to close at 10,912.18. 

The total trading turnover of the benchmark index stood at SR3.03 billion ($809 million), with 230 stocks advancing and 29 declining.  

The Kingdom’s parallel market Nomu also gained 29.13 points, or 0.12 percent, to close at 23,442.91, as 43 stocks advanced and 25 retreated. 

The MSCI Tadawul Index added 9.48 points, or 0.65 percent, to end the session at 1,466.52.  

Arabian Shield Cooperative Insurance Co. was the best-performing stock of the day, with its share price surging 8.55 percent to SR11.94. 

Other top performers included CHUBB Arabia Cooperative Insurance Co., which rose 6.33 percent to SR23.50, and BAAN Holding Group Co., whose shares climbed 6.06 percent to SR2.10.  

United International Holding Co. recorded the steepest decline, falling 2.34 percent to SR146.20. 

SEDCO Capital REIT Fund also saw its share price drop 2.17 percent to SR6.77, while Saudi Manpower Solutions Co. declined 1.58 percent to SR5.60.  

On the corporate front, Saudi Electricity Co. announced the completion of a US dollar-denominated senior unsecured sukuk issuance under its international sukuk program, offered to eligible investors in Saudi Arabia and globally. 

According to a Tadawul statement, the company completed the issuance of a three-tranche sukuk with maturities of three, six and 10 years, raising an aggregate $2.4 billion. The sukuk will be listed on the London Stock Exchange’s International Securities Market.  

Saudi Electricity Co. closed the session at SR14.09, down 0.57 percent. 

Najran Cement Co. said it has secured a mid-term, Shariah-compliant loan of SR50 million from Saudi National Bank to support subsidiary expansion. A bourse filing said the financing will be repaid over five years in semi-annual instalments, with a six-month grace period. 

Najran Cement Co. ended the session at SR6.59, up 0.92 percent. 

Almarai Co. announced its consolidated financial results for the year ended Dec. 31, 2025, reporting a net profit of SR2.45 billion, up 6.2 percent year on year. 

According to a Tadawul statement, the increase was driven by higher revenue growth, disciplined cost control, an improved revenue mix and lower funding costs. 

Almarai Co. closed at SR43.60, up 0.97 percent.