Saudi-Listed Flynas Turns to Losses of $229mln in Q2 2025

Saudi Arabia’s budget airline Flynas reported a net loss of 862.5 million riyals ($229.82 million) in the second quarter of 2025 compared to a net profit of SAR 238.86 million a year ago.

The losses were entirely due to non-recurring initial public offering (IPO)-related expenses totalling SAR 1.08 billion.

Revenue for the second quarter reached SAR 2.1 billion, down 1.5% year-on-year, due to temporary headwinds from the early suspension of Saudi Umrah and regional instability.

The airline reported a net loss of SAR 714.6 million for the first half of 2025 compared to a profit of SAR 388 million a year earlier.

Revenue rose 1.3% YoY to SAR 3.9 billion despite temporary headwinds faced in the second quarter.

Total shareholders’ equity doubled to SAR 3.37 billion by the end of June 2025, compared to SAR 1.64 billion in the same period last year.