flynas achieves record revenues in 2024, with profits rising to 434 million riyals

Flynas achieved record revenues for the fifth consecutive year, recording 7.6 billion riyals in 2024, an 18% increase over 6.4 billion riyals in 2023. This represents a continued growth in revenues for the fifth consecutive year, having reached 1.7 billion riyals in 2020 (the year of the pandemic), rising to 2.7 billion riyals in 2021, jumping to 4.8 billion riyals in 2022, and continuing its significant growth in 2023, reaching 6.4 billion riyals.

Flynas continued to achieve positive results for the fourth consecutive year, with its profits for 2024 reaching approximately SAR 434 million, an 8% increase over the SAR 401.3 million profits achieved in 2023. It achieved SAR 171.8 million in 2022 and SAR 19.9 million in 2021.

Flynas boasts several good key financial and performance indicators, with revenue growth of 32.3%, a return on equity of 38.9%, a gross profit margin of 14.2%, and a net profit margin of 6.3%.

The company’s revenues are primarily linked to the flights it operates, which are primarily classified into three main segments: low-cost aviation: Hajj and Umrah aviation, and general aviation. The company’s total revenues increased by 79.9%, from SAR 2,673.4 million in 2021 to SAR 4,809.4 million in 2022, due to higher revenues from most business segments. This increase in revenues was impacted by the company’s business expansion following the decline of the COVID-19 pandemic and the lifting of pandemic-related travel and Hajj restrictions, in addition to the launch of new destinations and routes. The increase in revenues was also linked to the gradual return of Hajj operations following the pandemic.

Revenues continued to increase by 32.3%, from SAR 4,809.4 million to SAR 6,362.2 million between 2022 and 2023. This additional increase was generally linked to the growth in air traffic and the company’s entry into new markets between the two years, contributing to a significant 28.4% increase in passenger numbers. The return of Hajj operations to normal following the decline of the COVID-19 pandemic also contributed to the revitalization and increase in revenues. Net profit for the year increased by 765.2%, from SAR 19.9 million in 2021 to SAR 171.8 million in 2022. This increase was primarily driven by higher gross profit, which was offset by higher revenues between the two years. Profit continued to grow by 133.7%, from SAR 171.8 million to SAR 401.3 million between 2022 and 2023. This continued increase was driven by increased revenues, expanded operations, and increased financing income. The profit margin for the year increased from 0.7% in 2021 to 3.6% in 2022, with a further increase to 6.3% in 2023. The continued increase was in line with the increase in revenues.