RIYADH: Saudi-based budget airline Flynas is considering buying 30 wide-body aircraft to expand its network and increase competition with regional rivals, it said in a statement on Tuesday (Apr 23).
Chief executive Bandar Almohanna said the budget airline had issued a request for proposals (RPF) to aircraft manufacturers but did not specify the models under consideration. The airline’s fleet consists of four A330 wide-body aircraft.
Earlier this month, all-Airbus airline Flynnus marked a milestone by delivering its 50th Airbus A320neo jet to Riyadh’s King Khalid International Airport. The delivery is part of a larger order for 120 A320neo Airbus aircraft worth more than 32 billion riyals.
“Flynas expected to announce the winning bid for the new aircraft and sign the contract this year to keep pace with the company’s strategic growth plans,” Almohanna said in a speech at the Airlines Economic Growth Frontier Conference in Riyadh.
The airline has also confirmed plans for an initial public offering (IPO) later this year. In 2023, the company’s revenue was 6.3 billion riyals, an increase of 32% compared to 2022. This is the first time Flinus has disclosed its annual revenue figures, confirming reports that the company is planning an IPO in 2024.
Late last year, Saudi Arabia’s low-cost carrier recruited Goldman Sachs Group Inc., Morgan Stanley and Saudi France Capital for a possible initial public offering on the Saudi Exchange (Tadaul).
-B
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