flynas posts 1% profit decline to SAR 148M in Q1 2025

Saudi low-cost carrier flynas reported a 1% profit decrease to SAR 148 million in Q1 2025, compared to SAR 149 million a year earlier.

The airline swung to a net profit versus a net loss of SAR 59.12 million in Q4 2024.

The company noted exceptional gains of SAR 66 million in Q1 2024 from a sale-and-leaseback transaction.

Meanwhile, revenue increased by 5% year-on-year (YoY) to SAR 1.8 billion, on improved ticket yields. Revenue per available seat kilometer rose by 4% YoY, with growth in both domestic and international circuits. This was driven by disciplined revenue management and continued growth in yields.

The average revenue per passenger increased by 18%. flynas expanded its international network, adding two new markets: Uganda and Djibouti. It also launched three new routes: Jeddah–Djibouti, Riyadh–Entebbe, and Madinah–Karachi.

Excluding the sale-and-leaseback gains recorded in Q1 2024, net profit before exceptional items increased by 78% YoY, reflecting the company’s operational performance and continued profitability.

EBITDA margin witnessed a notable improvement, reaching 34%, as operational efficiency and revenue growth outpaced the increase in operating costs.

Excluding the impact of the sale-and-leaseback gains recorded in Q1 2024, adjusted EBITDA would have increased by 22% YoY to SAR 616 million in Q1 2025.

View more financial results