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FINANCIAL NEWS
Saudi Nas Air to post profit in 2013
13 Dec 2012
(MENAFN) National Air Services’ (Nas Holding) CEO, Sulaiman Al Hamdan, announced that in 2013, the company’s affiliate, Nas Air, would start posting profits, reported Arabian Business,
Hamdan said that since its launch in 2007, the Saudi budget carrier has suffered constant losses, as a result of higher oil prices and political instability in the region, which forced it to remove several destinations from its network.
He added that even though Nas Air posted a profit of USD19.19 million in the third quarter, however, it would end the year with a little loss.
The CEO noted that the Kingdom’s sole low-cost carrier decreased its losses for 2012 by 70 percent compared with last year and increased revenue by 28 percent, through taking several measures, including enhancing operational efficiencies, improving productivity of its crew, who fly a range of 90 hours at the current time, moreover, the airlines’ planes fly an average of 12 hours now.
It is worth noting that Nas Air, which is 37-percent owned by Prince Alwaleed bin Talal’s Kingdom Holding, flies to 6 domestic routes within Saudi Arabia and 19 foreign destinations.
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