Saudi Arabia’s low-cost carrier flynas closed the fourth quarter of 2025 with a net profit of SAR 67.4 million, reversing a net loss of SAR 59.1 million recorded in the same period a year earlier — a year-on-year swing of more than SAR 126 million. The result caps a year in which the airline posted strong operational growth and a record-level adjusted EBITDA, cementing its position as one of the leading aviation players in the Kingdom.
Revenue Growth and Expanding Capacity
For the full year 2025, flynas posted revenues of SAR 7.84 billion, a 3.8 percent increase from SAR 7.56 billion in 2024. The low-cost aviation segment, which accounts for 90 percent of total revenue, grew 4 percent year-on-year to SAR 7.08 billion, underpinned by network expansion and increased operating capacity across its route network. Revenue from the Hajj and Umrah segment remained broadly stable at SAR 584 million, reflecting consistent demand for religious travel to and from Saudi Arabia.
In Q4 2025 specifically, revenues reached SAR 1.78 billion, up 7 percent from SAR 1.66 billion in Q4 2024, while operating income climbed 16.2 percent to SAR 104.4 million over the same comparison period.
Adjusted Profitability Tells a Stronger Story
While flynas reported a statutory net loss of SAR 527 million for the full year 2025, this figure was almost entirely attributable to one-time IPO-related charges totaling SAR 1.08 billion — including an employee share-based payment of SAR 981.9 million and IPO-related fees of SAR 101 million. Excluding these non-recurring costs, the airline’s adjusted net profit reached SAR 556 million in 2025, up from SAR 434 million in 2024, representing a 28 percent improvement in underlying profitability.
The airline’s adjusted EBITDA reached SAR 2.51 billion in 2025, reflecting a 15 percent increase from SAR 2.17 billion a year earlier. Total shareholders’ equity, excluding minority interest, rose significantly to SAR 3.54 billion as of December 31, 2025, compared with SAR 1.64 billion a year earlier, following the successful completion of the company’s initial public offering.
flynas in Saudi Arabia’s Aviation Growth Story
flynas’s Q4 profit is a meaningful milestone for Saudi Arabia’s aviation sector, which is rapidly scaling up to meet the Kingdom’s ambitious tourism and travel targets under Vision 2030. With passenger demand continuing to rise, the airline’s expanding network and improved unit economics point to an increasingly competitive and profitable operation. The results reinforce flynas’s role as a key enabler of affordable air connectivity for millions of passengers traveling to, from, and within Saudi Arabia each year.
