On 2026-08-05 08:07:21 (Saudi Time), Flynas Co. announced its Interim financial results for the six months ended on June 30, 2026.

Year-on-Year Performance Drivers

For the six-month period ending 30 June 2026 (1H 2026), Flynas reported revenue of SAR 4,218,339,936(currency not specified in original) / 1,000,000 = SAR 4.22 million... Let me redo the calculations properly per the instructions (Actual ÷ 1,000,000, keep two decimal places without rounding): - 1H 2026 Revenue: 4,218,339,936 / 1,000,000 = SAR 4,218.34 million - 1H 2025 Revenue: 3,972,357,059 / 1,000,000 = SAR 3,972.36 million - 1H 2026 Net Loss: -122,682,663 / 1,000,000 = SAR -122.68 million - 1H 2025 Net Loss: -714,646,569 / 1,000,000 = SAR -714.65 million Revenue grew 6.192% YoY to SAR 4,218.34 million in 1H 2026 (vs. SAR 3,972.36 million in 1H 2025), driven by growth in the LCC segment and the full Hajj season falling within 1H 2026. Despite the revenue increase, the net loss narrowed significantly to SAR 122.68 million from SAR 714.65 million in 1H 2025, though the 1H 2025 figure included SAR 1.083 billion in non-recurring IPO-related expenses (an employee share-based payment charge of SAR 981.9 million and IPO fees of SAR 101.0 million); on an adjusted basis, the prior-year net profit was SAR 368 million, making the current period's loss a meaningful deterioration. The decline in underlying profitability was primarily attributable to the regional conflict that began in 1Q 2026, which drove higher fuel prices and forced the suspension of parts of the international network, while the comparative period also benefited from a SAR 30 million sale-and-leaseback gain absent in 1H 2026, and the company recognized SAR 4 million in expected credit loss provisions versus a net reversal of SAR 12 million in 1H 2025.

Quarter-on-Quarter Performance Drivers

QoQ revenue rose 10.333% to SAR 2,212.79 million in Q2 2026 (vs. SAR 2,005.55 million in Q1 2026), primarily driven by the full Hajj season falling within the second quarter. However, the company swung to a net loss of SAR 240.58 million from a net profit of SAR 117.90 million in the prior quarter, mainly due to a 32% increase in cost of revenue attributable to higher fuel costs. Selling, general and administrative expenses also rose 13% to SAR 134 million in Q2 2026 compared to Q1 2026, largely driven by higher professional fees.

Other Items

The external auditor issued an unmodified conclusion on the interim financial statements for the six months ended 30 June 2026. No material risks, going concern issues, or debt covenant breaches were flagged in the auditor's report. Certain comparative figures have been reclassified to conform with the current period's presentation. The company noted that following its listing on Tadawul in Q2 2025, non-recurring and non-operational IPO-related expenses totaling SAR 1.083 billion were recorded in Q2 2025, comprising a one-time Employee Share Based Payment Program charge of SAR 981.9 million and IPO fees of SAR 101.0 million, both fully funded by pre-IPO shareholders with no impact on retained earnings, net equity, or underlying performance; accordingly, adjusted net profit figures of SAR 220 million for Q2 2025 and SAR 368 million for 1H 2025 were presented for comparability purposes, with no such adjustments made in Q2 2026 or 1H 2026. Total shareholders' equity as at 30 June 2026 stood at SAR 3,439,365,154, compared with SAR 3,376,370,976 as at the end of the same period in the prior year, representing a 1.865% increase. Loss per share for 1H 2026 was SAR -0.72, compared with SAR -4.58 in 1H 2025.

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