SAUDIA to return to profitability in 2022 or 2023: CEO

09/05/2022 Argaam

One of the airplanes in SAUDIA fleet

Ibrahim Al-Koshy, CEO of Saudi Arabian Airlines (SAUDIA), said that the national carrier may return to profitability this year or next. 

 

This time range is closer than the company had previously expected to return to profitability in 2024. The travel sector recovered faster than expected, by 83% compared to pre-pandemic levels, Reuters quoted Al-Koshy as saying.
 

The company expects to receive the first aircraft of an order of 73 aircraft in December, said the CEO, noting that financing for the order has been secured last year.
 

Al-Koshy also said there had been delays at both Boeing and Airbus, but deliveries would begin on December 22.
 

There are additional orders that the company has not announced yet, but they are being prepared for this year, he added.
 

The CEO also said that the company has an amended plan to build a fleet, and it is an ongoing process, so the number cannot be determined. However, he stressed that Saudi Airlines is planning a major expansion to meet the Kingdom's demands.

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