Wizz Air Holdings PLC said on May 10 that it had signed a memorandum of understanding (MOU) with the Ministry of Investment of Saudi Arabia aiming to explore the airline market development opportunities.
The kingdom recently launched a plan to triple the passenger traffic by 2030 as part of the Vision 2030 program. The airline stated:
“This will provide unprecedented opportunities for airlines and the aviation supply chain. The MoU reflects a shared vision between the parties on the potential Wizz Air could bring to the kingdom to stimulate new demand, thereby making a significant contribution to Saudi Arabia’s planned growth.”
The Budapest-based budget airline highlighted that in April 2022 it carried 3.6 million passengers. The number of passengers increased from only 953,094 in the pandemic-struck April of 2021 and an increase of 44% compared to March this year.
Wizz mentioned that its load factor in April was 83.4%, up from 59.2% a year ago. However, it is slightly lower from 86.2% in March. Based on a rolling 12-month basis, the firm carries 30.1 million passengers, which is almost triple the 10.7 million recorded in the previous year, with a 79.3% load factor, up from around 63.6%.
On Tuesday morning, Wizz Air shares were up 4.5% at 2,974.00 pence each in London.
