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Flynas Company (4264) investor relations material
Flynas Company Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved significant milestones as a newly public company, including a June 2025 IPO that raised capital and increased share capital from SAR 1.53 billion to SAR 1.71 billion.
Increased market share to 14.8% in 2024, carried 14.7 million passengers (up 32% from 2023), and maintained a young, efficient fleet.
Six-month net loss of SAR 714.6 million, driven by a one-off SAR 981.9 million share-based payment and SAR 101 million IPO costs; excluding these, operations were profitable.
Revenue for the six months ended 30 June 2025 was SAR 3.97 billion, up slightly year-over-year.
Strong liquidity with SAR 4.53 billion in cash and net current assets of SAR 1.41 billion as of 30 June 2025.
Financial highlights
2024 revenue rose 19% year-over-year; EBITDA increased 31%; net profit reached $434 million.
Six-month revenue: SAR 3.97 billion (2024: SAR 3.92 billion); gross profit for six months: SAR 866.0 million (2024: SAR 813.6 million); gross margin improved.
Net loss for six months: SAR 714.6 million (2024: profit of SAR 388.0 million); EPS: -SAR 4.58 (2024: SAR 2.52), mainly due to non-recurring IPO and share-based payment expenses.
Second quarter 2025 revenue down 1% year-over-year, but adjusted EBITDA up 16% to $736 million, with margin improving to 34.3%.
Cash and cash equivalents increased to SAR 4.53 billion from SAR 1.70 billion at year-end 2024, driven by operational cash flow, funding, and IPO proceeds.
Outlook and guidance
On track to achieve 2025 guidance: revenue projected to rise 6–18%, EBITDA margin 30–32%, net margin 6–6.5%.
Management expects future profitability and positive cash flows, excluding one-off IPO and share-based payment expenses.
Net debt to EBITDA expected to normalize at ~2x by year-end.
Second half ASK growth planned at ~30% due to wet lease aircraft and higher utilization.
Board confident in sufficient resources to continue as a going concern, supported by strong liquidity and undrawn Murabaha facility of SAR 281.2 million.
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