Riyadh – Mubasher: Flynas, the Saudi low-cost carrier, announced on Tuesday that its net profits grew by 8.2% year-on-year (YoY) in 2024.

In a statement announcing its intention to float its shares on the Saudi Stock Exchange (Tadawul), flynas said that net profit for 2024 reached a record high of SAR 434 million, compared to SAR 401 million in 2023, more than double the net profit achieved in 2022.

Flynas' profits in 2022 amounted to approximately 171.8 million riyals after zakat, compared to 19.9 million riyals in 2021.

The company added that it has achieved consistent profit growth since 2019, with the exception of 2020 due to the COVID-19 pandemic. This growth has been driven by the company's balanced business model, strong profit growth, network expansion, enhanced operational efficiency, and efficient capital management.

During the fiscal year 2024, flynas recorded earnings before interest, taxes, depreciation, and amortization (EBITDA) of SAR 2.18 billion, with a profit margin of 28.8%, up from SAR 1.66 billion and a profit margin of 26.1% during the fiscal year 2023.

The company noted that it achieved a 62% increase in gross profit in 2024, reaching SAR 1.47 billion, while operating profit exceeded SAR 1.05 billion, a 20% increase year-on-year.

Flynas achieved revenues of SAR 7.56 billion in 2024, a 19% increase compared to SAR 6.4 billion in 2023.