Saudi Ground Services signs 5-year contract with flynas; value estimated at $533mln

Riyadh - The Saudi Ground Services Company has signed a contract renewal deal with flynas on 13 April 2024, according to a bourse filing.

Under the five-year contract, Saudi Ground Services will provide flynas domestic and international flights across the Kingdom’s airports with ground handling services, including ramp and passenger services.

The contract holds an expected value of approximately SAR 2 billion while its duration is from 1 January 2024 until 31 December 2028.

Saudi Ground Services Company confirms that “the contract is in the ordinary course of business and has no preferential treatment.”

In 2019, the two sides entered into a SAR 1 billion agreement for five years starting from 1 January 2020.

As for the financial results of the listed company in 2023, there was a turn to profitability of SAR 211.47 million against net losses worth SAR 244.48 million in 2022. Meanwhile, the revenues soared to SAR 2.45 billion last year.

Earlier in 2024, Saudi Ground Services extended its contract with Flyadeal Company for three years.

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