First published: 11-May-2026 17:46:57

Fatima Al-Kashef

Saudi Arabia’s Flynas, a low-cost airline listed on the Saudi Stock Exchange, saw its net profit decline by 20.3% year-on-year during the first quarter of 2026, amid operational pressures and rising costs despite revenue growth, according to the company’s preliminary financial data submitted to the stock exchange on Monday.

The war with Iran, which broke out in late February, has led to restrictions on some airspace and the suspension of a number of flights in the Middle East, prompting airlines to reroute their flights amid rising operating and fuel costs.

More details about the results

(According to the data)

The net profit attributable to the company’s shareholders during the first quarter of this year amounted to approximately 117.9 million Saudi riyals ($31.4 million), a decrease of 20.3% on an annual basis.

This came despite revenues increasing by 9.7% year-on-year, exceeding 2 billion riyals, supported by the expansion of operational capacity and continued demand across the "unaffected" network.

Bandar Al-Mohanna, Managing Director and CEO of Flynas, said in the statement that the regional conflict that erupted in late February necessitated the suspension of the company’s flights to the UAE, Qatar, Bahrain, Kuwait, Iraq and Syria since early March, destinations that together represent about 15% of the company’s network, in addition to the imposition of airspace restrictions that required the rerouting of some flights.

However, he noted that internal operations were unaffected, while the majority of the international network continued to operate according to plan, adding that the company aims to return to full operational capacity for the GCC countries before the peak of the summer season.

This came in addition to the pressures of rising costs driven by increased fuel costs, handling, landing and navigation fees, maintenance costs resulting from increased operational activity, additional costs for leasing aircraft under the comprehensive lease system, in addition to other administrative expenses.

Oil prices had jumped to record levels due to the war, which halted the Strait of Hormuz, the main passage for Gulf oil exports, amid fears of supply shortages.

The company said it was able to offset part of the cost increase through gains from its fuel hedging program and lower net financing costs, other expenses and provisions.

(Prepared by: Fatima Al-Kashef, Edited by: Shaimaa Hefzy, Contact: zawya.arabic@lseg.com)

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