SAUDI ARABIA: flynas Posts 3Q26 Net Profit of USD 7.2 Million as Capacity Recovers

RIYADH, Saudi Arabia

• flynas (XY) made a net profit of SAR 27 million Saudi riyals (USD 7.2 million) in the third quarter of 2026, down 78% from SAR 120 million (USD 32.0 million) a year earlier.
• It was a return to the black after a net loss of SAR 241 million (USD 64.3 million) in the second quarter.
• Revenue rose 6% to SAR 2.23 billion (USD 593.6 million). Earnings before interest, taxes, depreciation, and amortization (EBITDA) fell 23% to SAR 503 million (USD 134.1 million), and the margin narrowed to 22.6% from 31.1%.
• Operating profit dropped 37% to SAR 164 million (USD 43.7 million).
• Over the first nine months, the Riyadh-based low-cost carrier lost SAR 96 million (USD 25.6 million), against an adjusted net profit of SAR 489 million (USD 130.4 million) in the same period of 2025. Nine-month revenue was up 6% at SAR 6.44 billion (USD 1.72 billion), while adjusted EBITDA fell 38% to SAR 1.26 billion (USD 337.1 million).
• flynas ended September with SAR 3.4 billion (USD 906.7 million) in cash and bank deposits. Net debt rose to 2.1 times adjusted EBITDA, from 1.2 times a year earlier.
• On its scheduled low-cost network, passenger numbers fell 14% to 3.6 million, while capacity slipped 1% to 7.8 billion available seat kilometres (ASK). Load factor dropped 5.7 percentage points to 77.4%.
• Unit revenue rose 11% to SAR 0.278 (USD 0.074) per seat kilometre, but adjusted unit costs climbed faster, up 20% to SAR 0.275 (USD 0.073).
• Fuel was the biggest drag rising 51% to SAR 666 million (USD 177.6 million), with jet fuel prices high since the regional conflict began.
• Rental costs more than doubled to SAR 115 million (USD 30.7 million), largely because of short-term wet leases. Maintenance spending fell 15% to the same amount, as fewer heavy checks were due.
• flynas took delivery of three A320neo in the quarter, and its last A320ceo left the fleet in 3Q 2026 when its lease ended.
• The airline had 69 aircraft at 30 September, one more than a year earlier. Six are owned, 60 are on dry lease, and three are wet-leased. Excluding the wet leases, the narrowbody fleet is now all A320neo, with an average age of four years.
• In July, flynas exercised options and purchase rights with Airbus for five A330neo and 20 A321neo. That took firm orders to 235 aircraft, out of a total order book of 280 including options.
• Chief Financial Officer Ramzi Zaroubi said the three new A320neo "were largely financed through our existing Murabaha facilities." Net capital expenditure rose 31% to SAR 946 million (USD 252.3 million) over nine months, driven by pre-delivery payments.
• The airline added 13 routes and five destinations in the quarter, including Aleppo from Riyadh and Jeddah, and Munich from Riyadh. It also agreed to buy 10% of Swissport Saudi Arabia for SAR 50 million (USD 13.3 million).
• The fourth quarter looks harder. Riyadh's King Khalid International Airport closed on 10 October and only partly reopened on 25 October, and flynas said its results for the period will be "significantly affected."
• Chief Executive Officer Bander Almohanna said the Kingdom "has been going through a challenging period, with operations at several airports disrupted," and that "visibility remains limited." Full-year guidance remains suspended.
• flynas has been contacted for comment.

Source:

• flynas