Saudi Arabian low-cost carrier flynas reported a net loss of 714.6 million riyals ($190.5 million) for the first half of 2025, compared to a net profit of 388 million riyals ($103.5 million) a year earlier, driven by one-off expenses related to its initial public offering (IPO).
flynas disclosed the price range and launched its institutional book building for its IPO on May 12, 2025, with expectations to raise between 3.9bn riyals ($1.04bn) and 4.1bn riyals ($1.09bn), implying a market capitalisation of the company at listing ranging between 13bn riyals ($3.47bn) and 13.7bn riyals ($3.65bn).
The company said the loss was entirely due to non-recurring IPO-related charges of 1.08bn riyals ($288.0 million), including a 981.9 million riyals ($261.9 million) employee share-based payment and 101 million riyals ($26.9 million) in listing fees.
Both were fully funded by pre-IPO shareholders and had no impact on underlying performance.
Adjusted for these one-time items and excluding sale-and-leaseback (SLB) gains, flynas posted a first half adjusted net profit of 338.6 million riyals ($90.3 million), up 21.5% on the prior year. Adjusted EBITDA rose 18.5% to 1.35bn riyals ($359.1 million).
Revenue for the period rose 1.3% to 3.97bn riyals ($1.06bn), supported by strong Hajj-related traffic during the second quarter of the year.
The second quarter alone saw a 17.3% rise in revenue when compared to the first quarter to 2.14bn riyals ($570.8 million), despite a 1.5% decline due to early visa suspensions and regional instability.
flynas said its second quarter adjusted net profit stood at 190.7 million riyals ($50.9 million), down slightly from 195.7 million riyals ($52.2 million) last year, while adjusted EBITDA grew 16% to 735.9 million riyals ($195.9 million).
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