Saudi Arabia airline Flynas confirms plans to launch IPO this year

Saudi Arabia's low-cost airline Flynas on Tuesday confirmed plans to list its shares on the Tadawul stock exchange this year, amid the kingdom's ambitions to grow its aviation sector and a boom in initial public offerings in the country. Flynas, which is backed by billionaire businessman Prince Alwaleed bin Talal, recorded a 32% annual increase in revenue to reach 6.3b Saudi riyals ($1.68b) in 2023, its CE Bander Al Mohanna told the Airline Economics conference in Riyadh. The carrier revealed its financial results for the first time ahead of the anticipated IPO. Flynas, which was established in 2007, has recorded profits every year since 2015 with the exception of the Covid-19 pandemic period, Mr Al Mohanna said. The airline has also issued a request for proposals to purchase 30 wide-body aircraft, with the winning offer expected to be announced and signed this year, he added. The all-Airbus operator has a fleet of 64 aircraft, operates 1,500 flights per week and serves more than 70 domestic and international destinations, according to its website.<br/>