IPO-related expenses push Flynas into $140m loss in 2025

Saudi Arabian budget airline Flynas has reported a loss for 2025 after recording one-time initial public offering-related expenses.

The yearly net loss reached SAR527 million ($140 million) last year, compared to a net profit of SAR434 million ($115 million) in 2024, the airline said in a statement to the Saudi Exchange on Wednesday.

After excluding IPO-related expenses of SAR1.1 billion ($293 million), the adjusted net profit stood at SAR556 million ($148 million) in 2025.

Revenue rose 4 percent to SAR7.8 billion ($2 billion) compared to 2024, as passenger traffic grew 7 percent year on year to 15.8 million, driven mainly by international expansion and capacity deployment across key markets.

As of December 2025 Flynas’s fleet size reached 71 aircraft, including eight A320neos deliveries during the year and five wet-leased aircraft.

The airline operates 156 routes to 80 destinations across 38 countries.

At the end of December 2025, Flynas held SAR4.1 billion ($1 billion) in cash, reflecting a strong liquidity position, the statement said.

The airline, partly owned by billionaire Prince Alwaleed bin Talal, sold 51.3 million shares, representing 30 percent of its stock, on the Saudi bourse in May.

The stock closed nearly 2 percent lower at 51.70 on Wednesday and is down 22 percent so far this year. It has shed over 5 percent since the US-Israel and Iran conflict started on February 28.

National Aviation Services Co holds a 29 percent stake in the airline, while Kingdom Holding Co owns 27 percent.

• Flynas attributes large quarterly loss to IPO costs
• Flynas takes off on the Saudi Exchange
• Rising air fares are ‘oil-related, not opportunism’