Riyadh - Sharikat Mubasher: The total revenues of the Saudi low-cost airline Flynas rose by 32% in 2023 to hit SAR 6.3 billion, according to CEO Bander Almohanna.

The airline has achieved annual revenues since 2015, except during the COVID-19 pandemic in 2020, Almohanna stated in an interview with Asharq Business on the sidelines of the Airlines Economic Growth Frontiers conference in Riyadh.

The CEO clarified that Flynas adopted a transformation program during the pandemic to restructure its strategy and business model, consequently upgrading its operational efficiency and spending.

Almohanna noted that the airline saved as much as SAR 375 million during the COVID-19 pandemic.

Last December, Flynas hired Goldman Sachs Group, Morgan Stanley, and Saudi Fransi Capital for a possible initial public offering (IPO)

The Airlines Economic Growth Frontiers conference took place from 22 to 23 April, gathering several representatives of major Saudi entities and numerous officials and industry stakeholders from around the world.