Flynas Co. — Earnings Release 2026

May 11, 2026

Flynas Co. announces its Interim Financial results for the Period Ending on 2026-03-31 ( Three Months )

4264 · 11/05/2026 08:22:12 · Announcement #95222 · View on Saudi Exchange

Flynas Co. announces its Interim Financial results for the Period Ending on 2026-03-31 ( Three Months )

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	2,005,545,356	1,828,094,407	9.706	1,781,164,542	12.597
Gross Profit (Loss)	347,260,738	414,520,774	-16.225	244,714,635	41.904
Operational Profit (Loss)	220,035,125	293,751,824	-25.094	104,350,469	110.861
Net Profit (Loss) Attributable to Shareholders of the Issuer	117,901,381	147,858,594	-20.26	67,430,408	74.848
Total Comprehensive Income Attributable to Shareholders of the Issuer	138,527,664	147,858,594	-6.31	53,178,340	160.496
All figures are in (Actual) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Total Shareholders Equity (after Deducting Minority Equity)	3,681,411,656	1,790,904,853	105.561
Profit (Loss) per Share	0.69	1.02
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 increased by 9.7% year-on-year to SAR 2.0 billion in 1Q 2026, compared with SAR 1.8 billion in the same period last year.

The Company reports revenue through three operating segments: flynas LCC (Low-Cost Carrier), flynas Hajj , and General Aviation.

flynas LCC revenue grew by 10.4%, supported by capacity expansion and continued passenger demand across the unaffected network.

Hajj revenue did not contribute in 1Q 2026, as the pilgrimage season begins in 2Q 2026. General Aviation revenue increased by 4.7% year-on-year to SAR 45 million, driven by higher utilization and demand across charter and aircraft management services.The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is Net profit for the quarter decreased by 20.3% to SAR 117.9 million, compared with SAR 147.8 million in the same period last year, with net profit margin declining to 5.9% from 8.1%.

The decrease was mainly due to higher cost of revenue, driven by increased fuel costs, handling, landing and navigation charges, maintenance costs from higher operating activity, and additional wet-lease costs.

It was further impacted by lower unit revenues resulting from capacity expansion and operational disruption.

Selling, general and administrative expenses increased primarily due to higher collection charges, reflecting revenue growth, while remaining stable as a percentage of revenue, as well as higher personnel expenses to support expansion.

The increase in costs was partially offset by gains from the fuel hedging programme and lower net finance costs, other expenses and provisions.The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is Revenue in 1Q 2026 increased by 12.6% compared with 4Q 2025, primarily due to capacity expansion and continued passenger demand across the unaffected network in the LCC segment.The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is Net profit for 1Q 2026 increased by 74.8% to SAR 117.9 million, compared with SAR 67.5 million in 4Q 2025, with a net profit margin improving to 5.9% from 3.8%.

The increase was mainly supported by net gains on derivative financial instruments of SAR 31 million in 1Q 2026, reflecting mark-to-market gains on fuel hedging positions as fuel prices increased following geopolitical conflict and disruptions to regional energy supply routes.

The improvement was further supported by a 47.2% reduction in selling, general and administrative expenses in 1Q 2026 compared with the previous quarter.Statement of the type of external auditor's report Unmodified conclusionComment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) NAReclassification 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 Additionally, the Company would like to report EBITDA of SAR 557 million for 1Q 2026, compared with SAR 616 million in the same period last year. EBITDA decreased by 10.0% year-on-year, with the EBITDA margin contracting by 6.0 percentage points to 27.8%. The margin contraction was primarily driven by softer unit revenues, reflecting capacity expansion and operational disruption during the first quarter.

Flynas will be hosting an Earnings Call on Monday the 11th of May 2026 at 3:30 p.m. KSA Time to present its Q1 2026 financial results.

Please refer to the attached Earnings Release for further details.Attached Documents  

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