Bandar Al-Muhanna, Managing Director and CEO of Flynas
He mentioned Bandar Al-MuhannaManaging Director and CEO of FlynasLow-cost aviation accounts for 39% of the Saudi market, in comparison with about 60% in comparable markets, which opens promising alternatives for growth.
He added in an interview with Al Arabiya TV that the Saudi market continues to be in a major development part with the targets of Imaginative and prescient 2030, which aspires to lift the variety of passengers to 330 million in comparison with about 128 million at present, noting that financial aviation within the Kingdom is witnessing fast development, and would be the predominant driver of the Saudi aviation sector within the coming years.
Concerning competitors and market shares in mild of this development, Al-Muhanna mentioned: We welcome competitors when it’s from robust firms with good administration, and the Saudi market is rising at a fast tempo, and there’s ample room for everybody.
Al-Muhanna commented on the corporate’s monetary outcomes throughout the third quarter of 2025 and famous that the corporate transported greater than 4.2 million passengers, a rise of 15% in comparison with the identical interval final 12 months, which was mirrored in income development of 6%, pushed by value self-discipline, decrease gasoline costs, and improved fleet utilization.
Al-Muhanna mentioned that revenue earlier than curiosity, taxes and depreciation rose by 21% to achieve 617 million riyals, which is the best degree for the reason that firm’s itemizing.
He defined that Flynas elevated seat capability by 22% throughout the third quarter, whereas the variety of plane operated by the tip of September reached 68 plane, together with 7 new plane added this 12 months, with the quantity rising to 74 plane by the start of 2026, reaching 150-160 plane by the 12 months 2030 throughout the introduced growth plans.
He identified that the corporate launched 19 new locations throughout 7 nations throughout the first 9 months of the 12 months, together with Geneva, Milan, Krakow, Moscow and Nairobi, revealing that 2026 will witness further growth in Europe and Asia, with plans to launch flights from Medina to Baghdad subsequent month.
He identified that the challenges of supplying CFM engines affected the operation of some plane throughout the present 12 months, however it’s anticipated that the disaster can be radically overcome in early 2026, explaining that the corporate has briefly resorted to renting plane on a complete lease system to take care of market share and deliberate growth.
Al-Muhanna famous that shareholders’ fairness has doubled to three.5 billion riyals, and liquidity has elevated to 4.6 billion riyals, indicating that it is going to be invested in financing sustainable growth and increasing the fleet.
In accordance with knowledge numbersFlynas registered, losses It amounted to 594.4 million riyals on the finish of the primary 9 months of 2025, in comparison with income of 492.6 million riyals achieved throughout the identical interval in 2024, whereas third-quarter income elevated by about 15% to 120.2 million riyals.
