RIYADH: Saudi Arabia’s low-cost airline flyadeal saw a significant increase in available seating capacity in the first half of this year, reaching 5 million, which represents a 9 percent rise compared to the same period in 2023.

According to a press statement, the airline operated 75 routes during the first six months of 2024, an 8 percent increase from the previous year. This growth highlights its role in strengthening Saudi Arabia’s aviation sector as the Kingdom seeks to enhance its global tourism profile and reduce its reliance on oil revenues.

Founded in 2017, flyadeal operates a fleet of Airbus A320 aircraft from bases in Riyadh, Jeddah, and Dammam, serving destinations across Saudi Arabia and expanding its international presence in Europe, the Middle East, and Africa. The airline’s fleet grew by 12 percent year-on-year to 33 aircraft in the first half of 2024.

Steven Greenway, CEO of flyadeal, emphasized the airline’s commitment to becoming the preferred choice in the Kingdom and beyond. He noted: “flyadeal’s performance in the first half of 2024 underscores our dedication to service excellence and the introduction of more digitally enabled products to enhance the customer experience.”

Greenway also highlighted the airline’s impressive on-time performance, which peaked at 91 percent, among the highest in the industry.

The airline’s workforce grew by 70 percent, reaching 1,325 employees by the end of the first half of 2024. Key milestones during this period included a major order for 51 Airbus narrow-body aircraft, comprising 12 additional A320neos, which form the backbone of flyadeal’s current fleet, and 39 larger A321neos, with deliveries scheduled to begin in 2026.

flyadeal also inducted its 50th batch of cabin crew and launched a cadet program for aspiring Saudi pilots, with the first group successfully completing their training. Greenway commented: “Employees make the difference, and as we continue to evolve, our workforce will expand to support our growing route network with more exciting plans for next year.”

The airline also anticipates reaching a cumulative total of 30 million passengers by the summer of 2024 since its launch seven years ago.

RIYADH: Saudi Arabia’s Tadawul All Share Index continued its downward trend for the second consecutive day as it shed 56.75 points to close at 12,064.65. 
The total trading turnover of the benchmark index was SR5.36 billion ($1.43 billion) with 106 of the listed stocks advancing, while another 115 declining. 
The Kingdom’s parallel market Nomu surged by 159.03 points to close at 26,672.09, while the MSCI Tadawul Index slipped by 0.55 points to 1,510.95. 
Al-Sagr Cooperative Insurance Co. was the best-performing stock of the day, with the company’s share price surging by 9.96 percent to SR21.20. 
Other top performers of the day were Al-Baha Investment and Development Co. and Allied Cooperative Insurance Group, whose share prices soared by 8.33 percent and 5.83 percent, respectively. 
The worst performer in the main market was Leejam Sports Co., as its share price slipped by 9.96 percent to SR208. 
In the parallel market, share prices of Saudi Azm for Communication and Information Technology Co. and AME Co. for Medical Supplies surged by 12.50 percent and 8.69 percent, respectively. 
Americana Restaurants, listed on the main market, announced that its net profit witnessed a 44.76 percent decline to SR299.85 million in the first half of this year, compared to the same period in 2023. 
In a press statement, the company attributed the decline in net profit to lower sales because of the geopolitical situation. 
Saudi Ceramic Co., which also announced its financial results, reported a 90.1 percent year-on-year decline in net profit for the first six months of the year, falling to SR4.74 million. 
United Electronics Co., also known as Extra, reported a 37.19 percent increase in net profit for the first half of 2024, reaching SR200.47 million, compared to the same period last year. 
In a Tadawul statement, Extra said that this rise in net profit was driven by retail segment sales growth due to stable demand in the Saudi market. 
Bupa Arabia for Cooperative Insurance Co. said that its net profit surged by 36.44 percent year-on-year to SR764.02 million in the first half of the year.