Flynas (4264) Q4 2024 earnings summary

Executive summary

• Revenue increased to SAR 7.56 billion for 2024, up 19% year-over-year, with net profit rising to SAR 433.5 million from SAR 401.3 million in 2023.

• Retained earnings improved to SAR 65.3 million, reversing prior accumulated losses.

• The company transitioned from a single-person joint stock company to a joint stock company in May 2024, following a shareholding restructure.

• An IPO was approved in March 2025 for 51.3 million shares, with additional financing drawn in Q1 2025.

Financial highlights

• Gross profit rose to SAR 1.47 billion, up from SAR 906 million year-over-year.

• Basic and diluted EPS increased to SAR 2.99 from SAR 2.77.

• Total assets reached SAR 13.53 billion, with equity at SAR 1.64 billion and liabilities at SAR 11.89 billion.

• Operating cash flows were SAR 1.93 billion, with year-end cash and equivalents at SAR 1.7 billion.

Outlook and guidance

• The board is confident in the company's ability to continue as a going concern, supported by consistent profitability, positive cash flows, and access to undrawn facilities.

• Aircraft acquisitions and new financing arrangements are expected to impact 2025 results.