flynas posts 8% profit rise to SAR 433.5M in 2024, loses SAR 59M in Q4
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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)
| 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.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2024 | 1,746.35 | - | 331.09 | - | 248.23 | - |
| Q2 2024 | 2,176.38 | - | 482.56 | - | 359.46 | - |
| Q3 2024 | 1,968.58 | (4.9 %) | 384.73 | 29.2 % | 231.56 | 5.2 % |
| Q4 2024 | 1,664.76 | 13.8 % | 270.13 | (2.8 %) | 92.95 | (50.6 %) |
| 2024 | 7,556.07 | 18.8 % | 1,468.50 | 62.1 % | 932.19 | 56.9 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| Q1 2024 | 149.15 | - | 0.97 | 66.25 | 82.90 | 0.54 |
| Q2 2024 | 238.86 | - | 1.56 | 43.10 | 195.76 | 1.28 |
| Q3 2024 | 104.61 | (48.4 %) | 0.68 | 21.32 | 83.30 | 0.54 |
| Q4 2024 | (59.12) | (179.4 %) | (0.39) | 32.90 | (92.02) | (0.60) |
| 2024 | 433.51 | 8.0 % | 2.83 | 163.57 | 269.94 | 1.76 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2023 | - | - | - |
| Q2 2023 | - | - | - |
| Q3 2023 | - | - | - |
| Q4 2023 | - | - | - |
| 2023 | 14.24 % | 21.77 % | 6.31 % |
| Q1 2024 | - | - | - |
| Q2 2024 | 18.64 % | - | 7.46 % |
| Q3 2024 | 20.07 % | - | 5.93 % |
| Q4 2024 | 19.43 % | - | 3.57 % |
| 2024 | 19.43 % | 27.33 % | 3.57 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2024 | 153.43 | - | - | 8.96 |
| Q2 2024 | 153.43 | 4.34 | 3.62 | 10.52 |
| Q3 2024 | 153.43 | 3.70 | 2.84 | 11.20 |
| Q4 2024 | 153.43 | 2.83 | 1.76 | 10.71 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| Q1 2024 | - | - | - |
| Q2 2024 | - | - | - |
| Q3 2024 | - | - | - |
| Q4 2024 | - | - | - |
Business Segments (Million)
Q4 2024
| Period | Flynas low-cost carrier (LCC) | Flynas Hajj & Umrah | Flynas General Aviation | Eliminations - FlyNas |
|---|---|---|---|---|
| Q1 2024 | 1,701.20 | 111.51 | 39.09 | (105.46) |
| Q2 2024 | 1,757.79 | 420.70 | 49.89 | (51.99) |
| Q3 2024 | 1,526.76 | 228.68 | 55.69 | - |
| Q4 2024 | 1,562.23 | 62.00 | 40.53 | - |
| Current | |
| Market Cap (M Riyal) | 13,001.70 |
| Enterprise Value (EV) (M Riyal) | 10,023.68 |
| Shares Outstanding ((M)) | 170.85 |
| EPS ( Riyal) (TTM) | (3.92) |
| Book Value (BV) ( Riyal) | 19.76 |
| Par Value ( Riyal) | 10.00 |
| Recurring P/E | 39.41 |
| P/E (TTM) | NEG |
| Price/book | 3.85 |
| Return on Average Assets (%) (TTM) | - |
| Return on Average Equity (%) (TTM) | (26.82 ) |
| EV/adj EBITDA | - |
| EV/Revenues | 1.32 |
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