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Flynas, originally known as Nas Air, was founded in 2007 as Saudi Arabia's first low-cost airline. It launched operations on February 25, 2007, with a focus on providing affordable air travel within the Kingdom and beyond. In November 2013, the airline rebranded as Flynas, marking a new phase of expansion and modernization.
Key milestones in Flynas' history include:
- 2007: Established as Nas Air and began operations.
- 2007: Ordered 20 Airbus A320 aircraft to expand its fleet.
- 2013: Rebranded as Flynas to enhance its global appeal.
- 2017: Signed an agreement to purchase 80 Airbus A320neo aircraft, with deliveries scheduled from 2018 to 2026.
- 2018: Received its first Airbus A320neo, strengthening its fleet.
- 2023: Ordered 30 additional Airbus A320neo, bringing its total order to 120 aircraft, including 10 A321XLR.
- 2024: Ranked as the 4th best low-cost airline in the world and the best in the Middle East for the seventh consecutive year.
Flynas is preparing for an initial public offering (IPO) on the Saudi Exchange (Tadawul), marking a significant milestone in its growth strategy. The IPO will consist of 51.26 million ordinary shares, representing 30% of the company's post-offering share capital. The offering includes:
- 33.83 million existing shares sold by current shareholders.
- 8.32 million treasury shares.
- 17.43 million newly issued shares.
The subscription period for individual investors is scheduled to begin on May 28, 2025, and will close on June 1, 2025. The final allocation of shares is expected by June 3, 2025, with refunds for excess subscription amounts processed by June 5, 2025.
Strategic Growth and Future Plans
Flynas aims to solidify its position as the leading low-cost carrier for short- and medium-haul flights in the MENA region by 2030. Key elements of its future strategy include:
- Fleet Expansion: The airline has a firm order book of 195 narrow-body and 15 wide-body Airbus aircraft, supporting its ambitious growth plans.
- Network Expansion: Flynas is focused on increasing its presence in underserved international markets, particularly in the Hajj and Umrah travel segment.
- Financial Strength: In 2024, Flynas reported SAR 7.56 billion in revenue, an EBITDA of SAR 2.18 billion, and a net profit of SAR 434 million.
- Investor Appeal: The IPO is expected to attract significant interest from both local and international investors, given Flynas' strong financial performance and market potential.
With its IPO and expansion plans, Flynas is set to play a crucial role in Saudi Arabia's aviation and tourism strategies, reinforcing its position as a key player in the region's growing travel market.
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