flynas loss at SAR 714.6M in H1 2025, SAR 862.5M in Q2 on non-recurring losses

Saudi low-cost carrier flynas reported losses of SAR 714.6 million for H1 2025, against profits of SAR 388 million in H1 2024.

The company registered one-off expenses, related to the initial public offering (IPO), of SAR 1.08 billion, comprising a non-recurring expense of SAR 981.9 million for the employee share-based payment program and IPO fees of SAR 101 million. These expenses were fully funded by pre-IPO shareholders, with no impact on retained earnings, total equity, or the company’s performance.

Excluding the one-off IPO expenses and gains from the sale of equipment and lease terminations, the company reported a net profit of SAR 338.6 million for H1 2025 (excluding a SAR 29.7 million gain from the sale of equipment and lease terminations). This represents a 21.5% increase from the SAR 278.6 million net profit in H1 2024 (excluding a SAR 109.3 million gain from the sale of equipment and lease terminations). This growth reflects the strong performance of Hajj operations and continued progress in enhancing direct operating cost efficiency.

This was partly offset by a 1.3% year-on-year (YoY) rise in revenue for H1 2025, mainly driven by first-quarter performance, which offset temporary impacts faced in Q2.

In Q2 2025, flynas swung to a net loss of SAR 862.5 million, against a net profit of SAR 238.8 million in the prior-year period.

In Q1 2025, the company had recorded net earnings of SAR 147.86 million.

Total shareholders’ equity, excluding minority interest, stood at SAR 3.37 billion as of June 30, 2025, up from SAR 1.64 billion a year earlier.

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