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NAS Airline targetting IPO in 2012-2013; Dubai a likely international hub

14-Dec-2010 11:20 AM

National Air Services (NAS) CEO Simon Stewart stated the carrier is targeting an IPO in 2012-2013 and is considering launching an international hub, most likely in Dubai, by early 2012 to capitalise on the expansion of its international network (Reuters/arabianbusiness, 13-Dec-2010). The LCC will launch an IPO after posting profits for two consecutive years, a main condition for going public, Mr Stewart stated. The CEO added that the carrier is considering three locations as a potential international hub with Dubai the most likely choice. It would be the carrier's fourth base after Riyadh, Jeddah and Damman. The carrier added that it is targeting Pakistan as a destination by early 2012, with routes expected to be launched in Turkey, Cyprus and India. The carrier is also “actively evaluating” routes to Iraq, Afghanistan, Iran and Africa. The carrier added that it aims to add one new route per month to its network which comprises of more than 450 weekly services. The airline, which moved into the black in 3Q2010, expects to be  “fully profitable at the end of 2011". 

NAS: "We will not be profitable by 2010. But we will break even or more than break even in 2011. We are expanding aggressively and we are targeting a (new) route each month. By early 2012 we should have routes in Turkey, Cyprus, India, and we are targeting Pakistan," Simon Stewart, CEO. Source: Reuters. 13-Dec-2010.