Flynas Co. announces its Interim Financial results for the Period Ending on 2025-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 2,144,262,652 | 2,176,380,299 | -1.475 | 1,828,094,407 | 17.294 |
| Gross Profit (Loss) | 451,474,750 | 482,558,151 | -6.441 | 414,520,774 | 8.914 |
| Operational Profit (Loss) | -684,474,002 | 401,812,140 | - | 293,751,824 | - |
| Net profit (Loss) | -862,505,163 | 238,864,283 | - | 147,858,594 | - |
| Total Comprehensive Income | -862,505,163 | 238,864,283 | - | 147,858,594 | - |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 3,972,357,059 | 3,922,727,293 | 1.265 |
| Gross Profit (Loss) | 865,995,523 | 813,647,455 | 6.433 |
| Operational Profit (Loss) | -390,722,179 | 714,583,272 | - |
| Net profit (Loss) | -714,646,569 | 388,013,176 | - |
| Total Comprehensive Income | -714,646,569 | 388,013,176 | - |
| Total Shareholders Equity (after Deducting Minority Equity) | 3,376,370,976 | 1,643,046,259 | 105.494 |
| Profit (Loss) per Share | -4.58 | 2.52 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | Revenue for the second quarter reached SAR 2.1 billion, reflecting a marginal year-on-year decline of 1.5%. This slight decline was primarily due to temporary headwinds from the early suspension of Saudi umrah, business, and family visit visas prior to the start of the Hajj season (in April 2025) in countries that represent the Company’s main markets, coupled with regional instability during the quarter. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The reported net loss of SAR 862.5 million (Q2 2024: net profit of SAR 238.8 million) was entirely due to non-recurring IPO-related expenses totaling SAR 1.083 billion, comprising a one-time Employees Share Based Payment Program charge of SAR 981.9 million and IPO fees of SAR 101.0 million - both fully funded by pre-IPO shareholders, with no impact on retained earnings , net equity, or the Company’s underlying performance.
On an adjusted basis - excluding non-recurring IPO-related expenses and the sale and leaseback (SLB) gain - the Company achieved a solid net profit of SAR 190.7 million in Q2 2025, only 2.5% lower than Q2 2024’s SAR 195.7 million excluding the SLB gain in Q2 2025 of SAR 29.7 million (Q2 2024: SAR 43.1 million), despite the material impact of regional instability and the early suspension of visas in key markets.
Please refer to the ‘Additional Information’ tab below for further details regarding non-recurring items. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | Revenue for the second quarter as compared to the first quarter increased by 17.3% mainly because of seasonal Hajj operations in our Flynas Hajj & Umrah segment during Q2. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The reported net loss of SAR 862.5 million in Q2 2025 (Q1 2025: net profit of SAR 147.8 million) was entirely attributable to non-recurring IPO-related expenses totaling SAR 1.083 billion, comprising a one-time Employees Share Based Payment Program charge of SAR 981.9 million and IPO fees of SAR 101.0 million -both fully funded by pre-IPO shareholders, with no impact on retained earnings, net equity, or the Company’s underlying performance.
On an adjusted basis - excluding non-recurring IPO-related expenses and the sale and leaseback (SLB) gains - the Company achieved a net profit of SAR 190.7 million in Q2 2025, representing a 29.0% increase compared to Q1 2025 of SAR 147.8 million excluding the SLB gain in Q2 2025 of SAR 29.7 million (Q1 2025: Nil). This strong sequential growth was primarily driven by seasonal Hajj operations within our Flynas Hajj & Umrah segment, further reinforcing the strength of our business model.
Please refer to the ‘Additional Information’ tab below for further details regarding non-recurring items. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | Revenue for H1 2025 showed a slight increase of 1.3% compared to H1 2024, driven mainly by strong first-quarter performance that offset the temporary headwinds faced in the second quarter. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The reported net loss of SAR 714.6 million for H1 2025 (H1 2024: net profit of SAR 388.0 million) was entirely due to non-recurring IPO-related expenses totaling SAR 1.083 billion, comprising a one-time Employees Share Based Payment Program charge of SAR 981.9 million and IPO fees of SAR 101.0 million - both fully funded by pre-IPO shareholders, with no impact on retained earnings, net equity, or the Company’s underlying performance.
On an adjusted basis - excluding non-recurring IPO-related expenses and the sale and leaseback (SLB) gains -the Company achieved a net profit of SAR 338.6 million in H1 2025 (excluding the SLB gain of SAR 29.7 million), representing a 21.5% increase compared to H1 2024’s SAR 278.6 million (excluding the SLB gain of SAR 109.3 million). This robust growth reflects the strong contribution from Hajj operations and continued progress in improving direct operating cost efficiency, supported by the scale and optimization of our operations.
Please refer to the ‘Additional Information’ tab below for further details regarding non-recurring items. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | NA |
| Reclassification of Comparison Items | Certain comparative figures have been reclassified to conform with the current year’s presentation to these condensed interim financial statements. |
| Additional Information | The Company would like to mention the following:
To provide a clearer view of its underlying operational performance, the Company presents adjusted financial metrics that exclude non-recurring and non-operational items not directly related to the regular course of business in a given reporting period. These adjustments offer a more comparable reflection of the Company’s performance.
Adjustments for the period are as follows:
1. Non-recurring IPO-related expenses: In Q2 2025, following its listing, the Company recorded non-recurring IPO-related expenses totaling SAR 1.083 billion, comprising a one-time Employees Share Based Payment Program charge of SAR 981.9 million and IPO fees of SAR 101.0 million. Both were fully funded by pre-IPO shareholders, with no impact on retained earnings, net equity, or the Company’s underlying performance.
2. Sale and Leaseback (SLB) gains: SLB gains are inherently variable, depending on the number of aircraft financed through SLB transactions and prevailing market conditions at the time of signing. SLB gain in Q2 2025 was SAR 29.7 million versus SAR 43.1 million in Q2 2024.
Key adjusted results:
• Q2 2025: Adjusted EBITDA of SAR 735.9 million (Q2 2024: SAR 634.5 million), a 16.0% year-on-year increase, and adjusted net profit of SAR 190.7 million (Q2 2024: SAR 195.7 million), down only 2.5% year-on-year despite material market headwinds.
• H1 2025: Adjusted EBITDA of SAR 1,352.1 million (H1 2024: SAR 1,140.8 million), a 18.5% year-on-year increase, and an adjusted net profit of SAR 338.6 million (H1 2024: SAR 278.6 million), a 21.5% year-on-year increase.
Please refer to the attached Earnings Release for further details. Flynas will be hosting an Earnings Call on Monday the 11th of August 2025 at 4:00p.m. KSA Time to present its H1 2025 financial results.
For Earnings Call participation, please follow the invitation link provided in the attached Earnings Release or email us at IR@flynas.com. |
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