Regional aviation boom sees flynas move to be first airline listed on Saudi Stock Exchange
May 6, 2025
Established in 2007, Saudi-based low-cost carrier flynas has announced its intention to become the first airline listed on the Saudi Stock Exchange as it moves to offer 30% of its share capital through an initial public offering (IPO).
In a statement the airline’s CEO and Managing Director, Bander Almonhanna, said: “This IPO offers investors the opportunity to participate in the growth journey of a high-value airline operating within one of the world’s fastest-growing aviation markets – the Kingdom of Saudi Arabia and the GCC. It also highlights the remarkable transformation flynas has undergone since its founding in 2010.”
The LCC currently has a fleet of 61 Airbus aircraft and a firm order book of 225 aircraft, including 30 A330neos and 130 A320neos, so is well prepared to meet rising travel demand to, from and within the Kingdom. Specialising in the short and medium-haul network flynas operates four bases in Riyadh, Jeddah, Dammam and Medinah connecting 72 destinations (16 of which are domestic and 56 are international).
During the first nine months of 2024 the carrier reported SAR 7.5 billion in revenues with a SAR 434 million profit. In that same period (January to September) it carried 10.9 million passengers (up from 7.9 million passengers during the same nine months in 2023), operating 1,861 weekly flights with a seat occupancy of 85.2%.
“As the only independent airline in Saudi Arabia and the leading LCC in the region, we are uniquely positioned to benefit from the strong demand driven by the Kingdom’s aviation and tourism strategies, as well as the continued expansion of passenger traffic across the GCC and MENA markets,” added Almohanna. “We remain focused on strengthening our market share on key domestic routes while strategically expanding into underserved international markets.”
Explaining that the Hajj and Umrah segment is a cornerstone of its strategy, Almohanna said the airline is “well positioned to serve the growing demand for religious travel to the holy cities of Makkah and Madinah.”
The airline’s ambitious fleet expansion, he added, will further support growth across all key segments.
The proceeds of the IPO will be used to expand the budget carrier’s fleet, network and establish new operations centres.
