Flynas Agrees to Buy 10% of Swissport Saudi Arabia

Key Facts

1The 10% Swissport Saudi Arabia purchase requires regulatory approvals.

2Existing handling services continue during the 6-month notice period.

3Flynas carried 6.6 million first-half passengers, a decline of 9%.

Flynas announced on September 7, 2026 an agreement to buy 10% of Swissport Saudi Arabia for $13,333,333, plus limited variable consideration. The agreements were signed on September 6 and will be funded from Flynas's internal resources. Closing remains subject to approvals from the General Authority of Civil Aviation and the General Authority for Competition. The arrangement includes an exclusive ground-handling contract at Saudi commercial airports from March 6, 2027 to March 5, 2032.

Saudi Ground Services said it received written notice from Flynas on September 6, 2026 terminating their contract under a 6-month contractual notice period. Saudi Ground Services dated termination to March 5, 2027, while Flynas specified March 6, 2027. Services will continue in the ordinary course during the notice period, according to Saudi Ground Services. The April 14, 2024 renewal disclosure set the term from January 1, 2024 to December 31, 2028, with an expected value of SAR 2 billion over the full period.

Saudi Ground Services results announced on August 6, 2026 showed first-half net profit declined 98.032% to SAR 3.875 million. Revenue declined 3.881% to SAR 1.307644 billion compared with the first half of 2025. The company recorded an operating loss of SAR 34.504 million, against an operating profit of SAR 192.464 million a year earlier. These results cover a period ending in June 2026, before the September 2026 contract termination notice.

Flynas's report published on August 5, 2026 showed first-half passenger traffic declined 9% to 6.6 million. The airline reduced available seat-kilometre capacity 15% year on year in the second quarter amid operational disruption and higher fuel costs. Its fleet stood at 67 aircraft at the end of June, against 71 a year earlier, as temporary wet-lease capacity was reduced. Its sixth Saudi base, in Qassim, began operations on July 1, 2026.

Swissport said in its 2025 performance report, published on May 7, 2026, that its Saudi network expanded during the year to 16 airports. Its global network covered 312 airports in 49 countries during 2025. The group handled 4 million flights and served 243 million passengers that year. Global revenue reached EUR 3.9 billion, with underlying growth of 9.3% excluding exited operations and one-off effects.