flynas reports SAR 148 million net profit in 1Q 2025

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flynas (“the Company”), one of the leading low cost-carriers (“LCC”) in the Middle East and North Africa (“MENA”) region, today announces its financial and operational performance for the first quarter of 2025. During the quarter, the airline expanded its network by entering two new countries (Uganda and Djibouti) and launched three new routes (Jeddah-Djibouti, Riyadh-Entebbe, Medina-Karachi).

Total revenue reached SAR 1.8 billion, an increase of 5% year-on-year, driven by improved yields and higher ancillary revenue. EBITDA rose to SAR 616 million, with a margin of 34%. Net profit for the period amounted to SAR 148 million with a margin of 8%.

flynas maintained a strong balance sheet, closing the quarter with SAR 1.7 billion in cash. Net debt-to-EBITDA stood at 2.1x, reflecting prudent financial management and providing flexibility to support future growth.

Bander Almohanna, Chief Executive Officer and Managing Director of flynas, said:

"Our first-quarter results reflect the continued operational resilience and strength of our business model. Demand for affordable, reliable flights remains strong and our disciplined deployment approach will further strengthen our market position. As we continue to deliver on our strategy, we remain focused on operational excellence, network expansion, and enhancing our offering to passengers. During 2025, we received four new A320neos, two delivered in the first quarter and two in the second, improving our readiness for the summer season. We also successfully launched our Hajj operations in the second quarter of 2025 and expect strong performance throughout the season. These priorities are key to supporting the Kingdom’s Vision 2030 objectives and driving long-term value."

Ramzi Zaroubi, Chief Financial Officer of flynas, added:

"We delivered solid financial performance in the first quarter of 2025, with revenue growing 5%, reflecting continued growth in our core operations.

Adjusted net profit for the quarter rose by 78% year-on-year on an underlying basis, excluding the sale-and-leaseback gain recorded in 1Q 2024. Reported net profit in 1Q 2025 remained stable at SAR 148 million, despite the absence of prior-year gain, highlighting the strength of our core operations and the continued improvement in earnings quality.

During the first quarter of 2025, we directly financed two new A320neo aircraft deliveries for the first time, compared to previously financing aircraft through sale-and-leaseback. This is part of our business plan with a long-term view on improving the net income margin.

With a healthy cash position of SAR 1.7 billion and net debt-to-EBITDA at 2.1x, we remain well-positioned to support our fleet expansion and strategic initiatives while preserving financial flexibility".

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