What was Flynas's net profit for Q1 2026?

Net profit was SAR 117.90 million, down 20.26% from Q1 2025.

What was Flynas's revenue for Q1 2026?

Revenue was SAR 2.005 billion, up 9.7% from Q1 2025.

Why did Flynas's net profit decline despite higher revenue?

Due to higher fuel costs, handling and navigation charges, increased maintenance and wet-lease costs, and lower unit revenues.

How did Flynas's earnings per share change?

EPS declined to SAR 0.69 from SAR 1.02 in Q1 2025.

Flynas Q1 2026 Net Profit Falls 20% Despite Revenue Growth

Flynas Co. (4264) reported a net profit of SAR 117.90 million for the first quarter of 2026, a 20.26% decline year-on-year, despite a 9.7% increase in revenue to SAR 2.005 billion. The profit drop was primarily due to higher fuel costs, handling and navigation charges, and increased maintenance expenses.

Flynas Co. (4264) announced its interim financial results for the three months ended March 31, 2026, posting a net profit of SAR 117.90 million, down 20.26% year-on-year, despite revenue rising 9.7% to SAR 2.005 billion.

Key Financial Results

Item	Q1 2026	Q1 2025	Change
Revenue	SAR 2,005.55M	SAR 1,828.00M	+9.7%
Net Profit	SAR 117.90M	SAR 147.85M	-20.26%
EPS	SAR 0.69	SAR 1.02	-32.35%
EBITDA	SAR 557M	SAR 619M	-10.0%

Highlights from the Statement

Revenue Growth: Driven by a 10.4% increase in Flynas LCC revenue from capacity expansion and continued passenger demand, plus a 4.7% rise in General Aviation revenue to SAR 45 million.
Profit Decline: Primarily due to higher fuel costs, handling and navigation charges, increased maintenance costs from higher operating activity, additional wet-lease costs, and lower unit revenues from capacity expansion and operational disruption.
Quarter-on-Quarter: Net profit surged 74.85% compared to Q4 2025, supported by SAR 31 million gains on fuel hedging derivatives due to rising fuel prices from geopolitical conflicts, and a 47.2% reduction in SG&A expenses.
Shareholders' Equity: Increased 105.56% to SAR 3.681 billion from SAR 1.791 billion in the same period last year.
Auditor: Issued an unmodified conclusion with no additional comments.

Guidance

The company did not provide specific guidance in this release.

Impact on Stock

The stock has not yet traded following the announcement. The market is expected to weigh the annual profit decline against the strong sequential improvement.

What This Means for Investors

The report shows Flynas's ability to grow revenue through capacity expansion and sustained demand, but cost pressures continue to weigh on profitability. Fuel hedging helped mitigate the impact in the current quarter, but ongoing fuel price volatility remains a challenge.