Flynas (4264) Q1 2025 earnings summary

Executive summary

• Achieved SAR 1.83 billion in revenue for Q1 2025, up from SAR 1.75 billion year-over-year, driven by increased fleet size and new routes.

• Net profit for the period was SAR 147.9 million, with improved gross and operating margins compared to Q1 2024.

• Ownership structure changed in May 2024, transitioning from a single shareholder to a joint stock company.

Financial highlights

• Revenue increased 4.7% year-over-year to SAR 1.83 billion.

• Gross profit rose to SAR 414.5 million from SAR 331.1 million year-over-year.

• Operating profit reached SAR 293.8 million, with net profit at SAR 147.9 million.

• Basic and diluted EPS was SAR 1.02, slightly down from SAR 1.03 in Q1 2024.

• Cash and cash equivalents stood at SAR 1.66 billion at quarter-end.

Outlook and guidance

• Board confident in liquidity and going concern status, supported by consistent profitability and positive operating cash flows since 2021.

• Access to an undrawn Murabaha Facility of SAR 1.4 billion enhances liquidity.