flynas, the Saudi Arabia-based low-cost carrier, has published its 2025 results, detailing that costs related to its initial public offering (IPO) led the airline to end the year with a loss.
IPO-related loss
In 2025, flynas’ revenues were SAR7.8 billion ($2 billion), while operating expenses were SAR6.3 billion ($1.6 billion), resulting in a gross profit of SAR1.4 billion ($373 million).
However, while it delivered a net profit of SAR434 million ($115.6 million) in 2024, it ended 2025 with a net loss of SAR527 million ($140.4 million). The swing in net profit stemmed from one-off IPO-related expenses of SAR1 billion ($266.4 million) recognized in Q2 2025, including an “employee share option plan expense” of SAR928 million ($247.2 million).
“These non-recurring items are excluded from adjusted performance metrics and do not impact underlying operating performance.”
Its gross profit margin was 18.9%, 0.5 percentage points lower than in 2024, while the earnings before interest, taxes, depreciation, and amortization (EBITDA) margin was 18.2%, 10.6 percentage points down versus 2024.
Bander Almohanna, the Chief Executive Officer (CEO) of flynas, said that the year was defined by “disciplined execution and strategic progress” for the airline, adding that despite external headwinds, including aircraft on ground (AOG) and regional disruptions, the low-cost carrier continued to focus “on what matters the most: operational reliability, cost discipline, and network expansion.”
Unit revenue pressures
flynas welcomed 15.8 million passengers in 2025 off the back of capacity, measured in available seat kilometers (ASKs), growing by 11%. The airline’s fleet grew from 59 to 71, with the average number of operating aircraft rising from 57 in 2024 to 67.
Its unit revenue, or revenue per ASK (RASK), and adjusted cost per ASK (CASK), were both 6% lower year-on-year (YoY).
According to the airline, the unit revenue decline was attributed to a “combination of route and stagelength mix effects, as well as the ongoing absorption of new capacity following continued international expansion.”
As of December 31, 2025, flynas had 156 routes and 80 destinations in its network.
Expanding in Syria and Saudi Arabia
In 2026, flynas will not only establish a base at Abha International Airport (AHB) from March 29, but also plans to open a subsidiary in Syria. flynas Syria, as it is known, is still “subject to regulatory approvals and the completion of definitive documentation.”
Almohanna concluded that flynas’ focus will be sustainable growth with a clear strategy: “scale capacity efficiently, deepen our presence in key markets, and continue to enhance the guest experience.”
“With a modern fleet, a strong balance sheet, and a committed team, flynas is well-positioned to capture the significant opportunities ahead in both domestic and international travel.”
Rytis Beresnevicius
