Flynas profit falls on higher fuel and maintenance costs

Net profit at Saudi budget airline Flynas took a hit in the first quarter of 2026 due to higher fuel and maintenance costs.

The bottom line declined 20 percent to SAR118 million ($31.3 million) in the quarter ended March 31, from SAR148 million a year earlier, the carrier said in a statement to the Saudi stock exchange on Monday.

Revenue rose nearly 10 percent year on year to more than SAR2 billion, supported by a 19 percent expansion in capacity and 9 percent growth in passenger volumes, despite the Iran war.

Average load factor – available seats filled with paying passengers – stood at 81 percent, with softer demand in March due to operational disruptions caused by the regional conflict.

Flynas suspended flights to the UAE, Qatar, Bahrain, Kuwait, Iraq and Syria, together representing 15 percent of its total network from late February due to the outbreak of hostilities.

Domestic operations and the rest of the international footprint continued to operate on plan through to the quarter-end.

Fuel costs rose 12 percent year on year, while handling, landing and navigation charges surged 23 percent. Maintenance costs increased 34 percent to SAR112 million.

Further reading:

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CEO Bander Almohanna said the airline grew its fleet to 72 aircraft, introduced five new routes and two new destinations. It also opened its fifth domestic base in Abha and advanced air operator certificate progress for Flynas Syria.

Flynas has temporarily suspended its full-year 2026 guidance due to volatility and flight disruptions caused by the conflict, the statement added.

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 2025.

The stock was trading nearly 3 percent lower at SAR52 on Monday, down 22 percent so far this year.

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