Low-cost carrier Flynas obtained a SAR 504 mn Murabaha facility from Saudi Awwal Bank (Sab), according to a disclosure. The 12-year facility will be allocated to back the delivery of 195 narrow-body aircraft under flynas’ order with Airbus — which includes 159 A320neo and 36 A321neo aircraft — to support its expansion plans.

ALSO- The airline said that the financing ties into its capital restructuring program and is in line with the Kingdom's strategy to position the Kingdom as a global hub for travel, tourism, and logistics. The airline’s share price continues to trade below its June debut price, closing at SAR 75.50 a pop yesterday.

Expansion is the name of the game: Flynas is markedly the fastest-growing airline in the region, boasting a whopping 63% capacity increase in 2019-2024. The company is targeting a fleet of at least 280 jets by 2034, and currently boasts a 64-jet fleet — mostly Airbus A320neos — that services some 1.5k flights to over 130 domestic and international destinations every week.

ICYMI- The carrier’s adjusted net income rose 22% y-o-y to SAR 339 mn in 1H and the top line increased 1% to nearly SAR 4 bn. The results were on target despite the dip, flynas CEO Bander Al Mohanna said in the release, pointing to headwinds including geopolitical tensions, a temporary suspension of pre-Hajj visas, and the grounding of some aircraft due to global delays in engine parts.

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