flynas incurs SAR 594.4M loss in 9M 2025; earns SAR 120.2M in Q3
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Financials (M)
| Item | 9m 2024 | 9m 2025 | Change |
|---|---|---|---|
| Revenues | 5,891.31 | 6,063.14 | 2.9 % |
| Gross Income | 1,198.37 | 1,238.43 | 3.3 % |
| Operating Income | 955.30 | (131.40) | (113.8 %) |
| Net Income | 492.63 | (594.43) | (220.7 %) |
| Average Shares | 153.43 | 161.09 | 5.0 % |
| Earnings Per Share before unusual items (Riyals) | 2.36 | 2.64 | 12.0 % |
| EPS (Riyal) | 3.21 | (3.69) | (214.9 %) |
The carrier noted non-recurring IPO-related expenses of SAR 1.08 billion during 9M 2025. This includes a one-time charge of SAR 981.9 million related to the employees share-based payment program and IPO fees of SAR 101 million.
Revenue rose by 2.9% to SAR 6.1 billion, supported by expanded capacity in the core low-cost carrier (LCC) segment and strong seasonal travel demand.
Adjusted for gains from sale and leaseback (SLB) transactions reached SAR 59.1 million in 2025 versus SAR 130.7 million in 2024 and gains on lease termination amounted to SAR 3.8 million in 2025.
Current Quarter Comparison (M)
| Item | Q3 2024 | Q3 2025 | Change |
|---|---|---|---|
| Revenues | 1,968.58 | 2,090.79 | 6.2 % |
| Gross Income | 384.73 | 372.44 | (3.2 %) |
| Operating Income | 240.71 | 259.32 | 7.7 % |
| Net Income | 104.61 | 120.22 | 14.9 % |
| Average Shares | 153.43 | 161.09 | 5.0 % |
| Earnings Per Share before unusual items (Riyal) | 0.54 | 0.54 | (0.6 %) |
| EPS (Riyal) | 0.68 | 0.75 | 9.4 % |
The Saudi carrier recorded an adjusted net profit of SAR 425.6 million for the nine-month period, compared to SAR 361.9 million a year before.
Q3 2025 net profit grew 14.9% to SAR 120.2 million, from SAR 104.6 million in Q3 2024.
Sequentially, the airline turned to a net profit versus a net loss of SAR 862.5 million in Q2 2025.
Total shareholders’ equity, no minority interest, stood at SAR 3.49 billion as of Sept. 30, 2025, up from SAR 1.71 billion in the year-earlier period.
Attached Document:
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2025 | 1,828.09 | 4.7 % | 414.52 | 25.2 % | 296.31 | 19.4 % |
| Q2 2025 | 2,144.26 | (1.5 %) | 451.48 | (6.4 %) | (684.47) | (290.4 %) |
| Q3 2025 | 2,090.79 | 6.2 % | 372.44 | (3.2 %) | 259.32 | 7.7 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| Q1 2025 | 147.86 | (0.9 %) | 0.96 | - | 147.86 | 0.96 |
| Q2 2025 | (862.51) | (461.1 %) | (5.43) | (1053.30) | 190.79 | 1.20 |
| Q3 2025 | 120.22 | 14.9 % | 0.75 | 33.30 | 86.92 | 0.54 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| 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 % |
| Q1 2025 | 20.32 % | - | 4.38 % |
| Q2 2025 | 20.00 % | - | 4.34 % |
| Q3 2025 | 19.52 % | - | 4.32 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2025 | 153.43 | 2.82 | 2.18 | 11.67 |
| Q2 2025 | 158.79 | (4.21) | 2.08 | 19.76 |
| Q3 2025 | 161.09 | (4.06) | 2.07 | 20.47 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| Q1 2025 | - | - | - |
| Q2 2025 | NEG | 42.57 | 4.16 |
| Q3 2025 | NEG | 39.34 | 3.75 |
Business Segments (Million)
Q2 2025
| Period | Flynas low-cost carrier (LCC) | Flynas Hajj & Umrah | Flynas General Aviation | Eliminations - FlyNas |
|---|---|---|---|---|
| Q1 2025 | 1,775.93 | 9.10 | 43.07 | - |
| Q2 2025 | 1,580.97 | 518.25 | 45.04 | - |
Analysts Estimates (Million)
| Item | Profit (Expected) | Profit (Actual) | Change | Profit Before Unusual Items | Change |
|---|---|---|---|---|---|
| Average | 151.33 | 120.22 | 86.92 |
Estimates vs Actual (Million)
| Item | Profit (Expected) | Profit (Actual) | Change | Profit Before Unusual Items | Change |
|---|---|---|---|---|---|
| GIB Capital | 122.00 | 120.22 | 86.92 | ||
| SNB Capital | 159.00 | 120.22 | 86.92 | ||
| AlJazira Capital | 173.00 | 120.22 | 86.92 |
| Current | |
| Market Cap (M Riyal) | 12,813.76 |
| Enterprise Value (EV) (M Riyal) | 9,835.75 |
| Shares Outstanding ((M)) | 170.85 |
| EPS ( Riyal) (TTM) | (4.06) |
| Book Value (BV) ( Riyal) | 20.47 |
| Par Value ( Riyal) | 10.00 |
| Recurring P/E | 38.42 |
| P/E (TTM) | NEG |
| Price/book | 3.66 |
| Return on Average Assets (%) (TTM) | (4.19 ) |
| Return on Average Equity (%) (TTM) | (25.06 ) |
| EV/adj EBITDA | - |
| EV/Revenues | 1.27 |
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