Saudi Airline Nas Reports 32% Revenue Increase to $1.6 Billion in 2023

Flynas, a Saudi airline, reported revenue of $1.6 billion in 2023, marking a 32% increase from the previous year. The company's CEO, Bandar al Mhanna, announced the strong financial performance and significant growth.

Nas has placed a substantial order with Airbus for 30 new A320neo Family aircraft, bringing its total order to 120 A320neo aircraft, including 10 A321XLRs. The agreement aims to strengthen Nas's market position and contribute to the expansion of Saudi Arabia's aviation sector. As an all-Airbus operator, Nas was the first airline in the country to acquire the A320neo. The new aircraft will support the airline's growth plans as it expands its international routes and destinations network.

Why this matters: The strong financial performance and fleet expansion plans of Nas align with Saudi Vision 2030's objectives to boost the aviation industry and tourism in the Kingdom. As a key player in the Saudi market, Nas's growth contributes to the country's economic diversification efforts and enhances its connectivity with the world.

Nas Air, operating under the brand name flynas, is also preparing for an initial public offering (IPO). The budget carrier has enlisted reputable financial institutions like Goldman Sachs, Morgan Stanley, and Saudi Fransi Capital to support its planned public listing in 2024.

CEO Bander Almohanna unveiled the airline's ambitious vision, which includes the acquisition of 30 wide-body aircraft to expand its network and intensify competition in the region. flynas currently operates an all-Airbus fleet, including A320 narrow-body and A330 wide-body aircraft, primarily used for the annual Hajj pilgrimage.

Looking ahead, flynas intends to double its fleet size following the Board of Directors' approval to increase purchase orders to 250 aircraft. This expansion aligns with the National Aviation Strategy's objectives to accommodate 330 million passengers and welcome 150 million tourists annually by 2030.

Almohanna stated, "flynas' expansion strategy will enhance its fleet and bolster its regional foothold. The airline aims to double its fleet size and broaden its network to 165 domestic and international destinations, redefining the boundaries of air travel and enhancing connectivity for the Kingdom and beyond." With its resilience, customer-centric approach, and ambitious growth plans, flynas is poised to play a transformative role in the Saudi aviation industry as it works towards achieving the goals of Saudi Vision 2030.

Key Takeaways

• Nas, a Saudi airline, reported $1.6B revenue in 2023, up 32% YoY.
• Nas ordered 30 new Airbus A320neo aircraft, expanding its fleet to 120 planes.
• Nas plans IPO in 2024, aiming to double its fleet size to 250 aircraft.
• Nas's growth aligns with Saudi Vision 2030 to boost aviation and tourism.
• Nas aims to expand its network to 165 domestic and international destinations.