Financial Results : flynas posts 8% profit rise to SAR 433.5M in 2024, loses SAR 59M in Q4

flynas posts 8% profit rise to SAR 433.5M in 2024, loses SAR 59M in Q4

06/05/2025 Argaam Exclusive

View other reports

Saudi low-cost carrier flynas, which will list soon on the Main Market (TASI), reported an 8% profit hike to SAR 433.5 million in 2024, compared to SAR 401.3 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 6,362.17 7,556.07 18.8 %
Gross Income 905.80 1,468.50 62.1 %
Operating Income 594.15 932.19 56.9 %
Net Income 401.35 433.51 8.0 %
Average Shares 153.43 153.43 -
Earnings Per Share before unusual items (Riyals) 2.62 1.76 (32.7 %)
EPS (Riyal) 2.62 2.83 8.0 %

The budget airline posted a 19% year-on-year (YoY) revenue increase to SAR 7.6 billion in 2024, thanks to its expanded fleet, the addition of new airline route, and a higher passenger count.

 

The full-year profit margins also improved on higher revenues and lower rent costs and maintenance expenses, in addition to increased government subsidies. In detail, the gross profit margin rose from 14% in 2023 to 19% in 2024, with the operating profit margins also up on an annual basis from 9% to 12% in 2024.

 

Further, EBITDA jumped 49% to SAR 2.1 billion in 2024, from SAR 1.4 billion a year earlier. Financing income, in addition, surged 101% YoY to SAR 104.5 million, driven by elevated interest rates on bank deposits.

 

However, the 2024 profit growth was offset by a 38% YoY uptick in financing costs for the same year.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 1,463.01 1,664.76 13.8 %
Gross Income 277.97 270.13 (2.8 %)
Operating Income 188.05 92.95 (50.6 %)
Net Income 74.42 (59.12) (179.4 %)
Average Shares 153.43 153.43 -
Earnings Per Share before unusual items (Riyal) 0.49 (0.60) (223.6 %)
EPS (Riyal) 0.49 (0.39) (179.4 %)

In Q4 2024, flynas swung to a net loss of SAR 59 million, against a net profit of SAR 74.4 million in the prior-year period.

 

The company recorded SAR 104.61 million in net earnings for Q3 2024.

 

Total shareholders’ equity, no minority interest, stood at SAR 1.64 billion as of Dec. 31, 2024, up from SAR 1.22 billion a year earlier.

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Contact Us (+966)-92000-7759

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.