flynas Announces Record-Breaking First-Half 2024 Results with 47% Passenger Growth

flynas welcomed more than 7 million passengers on board its flights in the first half of 2024. (SPA)
flynas welcomed more than 7 million passengers on board its flights in the first half of 2024. (SPA)
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flynas Announces Record-Breaking First-Half 2024 Results with 47% Passenger Growth

flynas welcomed more than 7 million passengers on board its flights in the first half of 2024. (SPA)
flynas welcomed more than 7 million passengers on board its flights in the first half of 2024. (SPA)

Saudi Arabia’s flynas, the leading low-cost airline in the world and the best LCC in the Middle East, welcomed more than 7 million passengers on board its flights in the first half of 2024.

This marks a 47% growth and 37% increase in seat capacity for domestic and international flights during the first half of 2024, compared with the same period of 2023, days after announcing the landmark purchase of 160 Airbus Aircraft, said flynas in a statement.

Bander Almohanna, CEO and Managing Director of flynas, commented: “Our record performance during the first half of 2024 is driven by our strategic growth plans as we continue to upgrade our fleet, increase capacity, and expand our global network.”

“The strategy, ‘We Connect the World to the Kingdom’, is aligned with the objectives of the National Civil Aviation Strategy to enable national air carriers to connect the Kingdom with 250 International destinations, accommodate 330 million passengers, and to host 100 million tourists annually by 2030,” he remarked.

“Our strategy will also play a key part in driving the objectives of the Pilgrims Experience Program (PEP) to facilitate access to the Two Holy Mosques, successfully transporting more than 100,000 pilgrims from 20 countries in the first half of the year.” Almohanna added

He stated that increasing seat capacity to domestic summer destinations confirms flynas’ commitment to promoting its role as a national carrier in supporting and empowering the tourism sector in the Kingdom and achieving its ambitious goals set by the Saudi Vision 2030 in cooperation and integration with the relevant authorities in the tourism and aviation sectors.

In terms of international flights, it increased its presence in key domestic, regional, and international markets, including partnerships with other airlines to expand its network.

“flynas has taken delivery of 6 A320neo aircraft during 2024, which reinforced our operations, created hundreds of new jobs for Saudis and opened applications for a new batch to the Future Pilots program, aiming to nationalize the co-pilot position in flynas by 100%,” Almohanna said.

“Additionally, our Future Engineers Program has accepted 22 Saudis into its second batch at the beginning of this year, contributing to nationalizing the roles in aircraft engineering and maintenance,” he added.

flynas operates more than 1,800 weekly flights to more than 70 domestic and international destinations and has flown more than 78 million passengers since its launch in 2007.

The expansion of the leading low-cost carrier’s fleet with 25 new A320neo aircraft over the last 18 months marks a significant milestone in the aviation industry. This strategic development increases the carrier’s fleet to 60 aircraft, showcasing a steady move towards achieving its ambitious, growth-oriented strategic goals.



Stocks Stabilize, Gold Hits Record before Trump Tariff Reveal

FILE PHOTO: Gold bars are displayed at a gold jewelery shop in the northern Indian city of Chandigarh May 8, 2012. REUTERS/Ajay Verma (INDIA - Tags: BUSINESS COMMODITIES)/File Photo
FILE PHOTO: Gold bars are displayed at a gold jewelery shop in the northern Indian city of Chandigarh May 8, 2012. REUTERS/Ajay Verma (INDIA - Tags: BUSINESS COMMODITIES)/File Photo
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Stocks Stabilize, Gold Hits Record before Trump Tariff Reveal

FILE PHOTO: Gold bars are displayed at a gold jewelery shop in the northern Indian city of Chandigarh May 8, 2012. REUTERS/Ajay Verma (INDIA - Tags: BUSINESS COMMODITIES)/File Photo
FILE PHOTO: Gold bars are displayed at a gold jewelery shop in the northern Indian city of Chandigarh May 8, 2012. REUTERS/Ajay Verma (INDIA - Tags: BUSINESS COMMODITIES)/File Photo

Asian equities rose on Tuesday following Wall Street's overnight gains, while gold hit an all-time peak and Treasury yields fell as markets awaited details of US President Donald Trump's reciprocal tariffs.
The Japanese yen strengthened as traditional haven assets drew demand.
At the same time, the risk-sensitive Australian dollar rebounded after the Reserve Bank of Australia left interest rates steady, as widely expected, but warning of "pronounced" global uncertainty.
Regional stocks found some respite on the first day of April after being battered in March by worries that Trump's trade war could trigger stagflation or even a US recession, reported Reuters.
Investors are nervously awaiting April 2, a day Trump has dubbed "Liberation Day", when he has promised to unveil a massive reciprocal tariff plan.
Australia's benchmark equity index advanced 1%, while South Korea's KOSPI climbed 1.9% and Taiwan's equity benchmark rose 1.7%, following steep drops on Monday.
At the same time, Hong Kong's Hang Seng and Japan's Nikkei gave up gains of 1% or more to be flat to slightly higher. Mainland Chinese blue chips were also little changed after struggling all session.
Pan-European STOXX 50 futures added 0.35%.
The US S&P 500 gained 0.55% on Monday, snapping a three-day losing run, but futures pointed 0.34% lower.
"It is possible that a significant portion of last night's rebound in the key (Wall Street) indices was attributable to month-end and quarter-end rebalancing flows, as well as short covering ahead of Trump's Liberation Day, amid considerable uncertainty about what comes next," said Tony Sycamore, an analyst at IG.
"US equity markets are priced for a slowdown in growth and earnings. However, they are not priced for a recession, and if the US economy enters recession, US stock markets could easily fall by another 10%."
Bullion powered to a record high for a fourth straight session, hitting $3,148.88 per ounce.
"On top of general risk aversion, investors are increasing allocation to gold with the Trump administration's trade policy threatening the dollar's special reserve status," said Kyle Rodda, senior financial markets analyst at Capital.com.
"The fundamental backdrop remains strong for gold."
DOLLAR UNDER PRESSURE
Demand for the safety of Treasuries sent yields lower on Tuesday, with those on benchmark 10-year notes sinking some 5 basis points to 4.1920%.
That put pressure on the dollar, which slipped 0.08% to 149.85 yen. The euro was steady at $1.0813.
The Aussie added 0.14% to $0.6258. The RBA held rates at 4.1%, having just cut them by a quarter point in February for the first time in over four years.
"Geopolitical uncertainties are also pronounced," the RBA said in its statement, adding that US tariffs are having an impact on confidence globally.
"The RBA's statement suggests they're inching towards their next cut, but in no rush to signal one," said Matt Simpson, senior market analyst at City Index.
"The RBA just want more time to be confident that policy is on the right track."
Bitcoin was slightly higher at around $83,040.
Oil prices rose, adding to the 2% surge from Monday. Brent gained 0.23% to $74.94 a barrel, while US West Texas Intermediate crude advanced 0.22% to $71.64.
At the weekend, Trump threatened secondary tariffs on Russian crude and on Iran. He also warned Iran of bombing if Tehran did not come to an agreement with Washington over its nuclear program.