FLYNAS-

Homegrown budget airline flynas saw its adjusted bottom line fall 3% y-o-y to SAR 191 mn in 2Q 2025, on the back of increasing fleet depreciation costs, according to an earnings release (pdf). Revenue dipped 1% y-o-y to reach SAR 2.1 bn during the quarter.

The carrier’s 1H performance ended on a more positive note, with adjusted net income rising 22% y-o-y to SAR 339 mn and top line increasing 1% to almost SAR 4 bn, largely driven by a solid Haj season.

The results were on target despite the dip, flynas CEO Bander Al Mohanna said in the release, pointing to headwinds including geopolitical tensions, a temporary suspension of pre-Hajj visas, and the grounding of some aircraft due to global delays in engine parts.

Looking ahead, flynas sees its revenue growing between 6-18% in 2025, Aleqtisiadiah reports. The airline is also set to open two new centers in Saudi Arabia for pilot training and aircraft maintenance to cut operational costs, Al Mohanna told Asharq Business (watch, runtime: 10:34). It plans to launch flights to Kenya and Kosovo this year and is exploring options in Russia. It expects three more aircraft by year-end and a delivery of 30 Airbus A330neo wide-body jets in late 2026 or early 2027, supporting a strategic shift to long-haul flights.

REFRESHER- Flynas went public with a 30% stake on Tadawul’s main market in June, marking the Kingdom’s largest IPO so far this year and the highest-grossing Saudi IPO since Aramco’s stellar USD 29.4 bn debut in 2019.

A rough landing: While the IPO saw institutional and retail investors flock to subscribe for the USD 4.1 bn issuance, the airline’s shares dipped 3.4% on debut to close at SAR 77.30 apiece in its first week. The airline’s IPO marked the region’s first main market listing since the outbreak of the Israel-Iran conflict earlier that month — a geopolitical shock that triggered a regional sell-off, denting investor sentiment. Aviation stocks were among the hardest hit due to widespread disruptions to commercial flight schedules.

KINGDOM HOLDING-

KingdomHolding posted a 35.1% y-o-y drop in net income to SAR 405.1 mn in 2Q 2025, driven by lower contributions from equity-accounted investees, reduced other gains, higher hotel and operating costs, lower finance and dividend income, increased admin and marketing expenses, and higher taxes, it said in a disclosure to Tadawul yesterday. Revenue also dipped 3.8% y-o-y to SAR 623.1 mn over the same period due to lower dividend income and hotels and other operating revenues.

On a 1H basis, Kingdom Holding’s net income saw a 2% y-o-y uptick to SAR 836.7 mn, while its revenue grew 12.6% y-o-y to SAR 1.4 bn.

SAUDI ELECTRICITY COMPANY-

Saudi Electricity Company posted a 21.6% y-o-y rise in net income to SAR 5.3 bn in 2Q 2025, supported by higher electricity demand, an expanded regulated asset base, and growth in project revenues, it said in a disclosure to Tadawul on Sunday. Revenue also rose 23.9% y-o-y to SAR 27.7 bn during the quarter, boosted by an increasing subscriber base and demand, along with network expansion.

On a 1H basis, the company’s bottom line grew 19.3% y-o-y to SAR 6.3 bn, while its top line increased 23.5% y-o-y to SAR 47.2 bn.

MBC GROUP-

MBCGroup’s net income fell 38.3% y-o-y to SAR 71.9 mn in 2Q 2025, as the timing of Ramadan (which fell entirely in 1Q) dampened its broadcasting segment, the firm said in an earnings release (pdf) yesterday. However, revenue inched up 2.5% to SAR 987.9 mn, buoyed by gains in the network’s streaming platform Shahid (+17.9%) and its media and entertainment initiatives (+7.9%) segment, which offset a 5.9% decline in broadcasting and other commercial activities.

The company’s bottom line grew 41.1% y-o-y to SAR 335.4 mn in 1H 2025, while its top line climbed 37.8% y-o-y to SAR 3 bn.

Looking ahead: MBC Group is doubling down on its expansion in the Kingdom, developing a central production hub in Riyadh’s Narjis district to boost efficiency, which is expected to wrap up by early 2026, CEO Mike Sneesby told Al Arabiya (watch, runtime: 6:55). The company expects continued growth from TV and streaming in 2H 2025 by focusing on premium content, cost-consciousness, and building new partnerships.

Major plays: MBC is dropping its costly Saudi Pro League contract this month to reinvest in other content. The group also formed a complementary partnership with Netflix, which it views as a global leader, while Shahid retains regional leadership, Sneesby said.

ALMUNAJEM FOODS CO.-

Almunajem Foods saw its net income drop 51.4% y-o-y to SAR 31 mn in 2Q 2025, weighed down by weaker gross margins in its red and white meat category and higher operating and financial costs resulting from the company’s expansion plans, it said in a disclosure to Tadawul on Sunday. Revenue declined 3.5% y-o-y to SAR 797.3 mn during the quarter, as the frozen poultry market met unfavourable conditions.

In the first half of the year, the company’s net income slumped 60.1% y-o-y to SAR 71 mn, while its revenue shed 1.8% y-o-y to SAR 1.7 bn.

AL MAWARID MANPOWER CO.-

Al Mawarid Manpower Company reported a 39.4% y-o-y jump in net income to SAR 32.4 mn in 2Q 2025, fueled mainly by higher revenues and improved workforce utilization, it said in a Tadawul disclosure yesterday. Revenue climbed 29.7% y-o-y to SAR 624.4 mn during the quarter on the back of a rise in available workforce.

In the first half of the year, the company’s bottom line grew 25.5% y-o-y to SAR 62.3 mn, while its top line rose 31.7% y-o-y to SAR 1.2 bn.

Dividends: Al Mawarid’s board approved a SAR 20.3 mn dividend payout for 1H 2025 at SAR 1.35 per share, it said in a separate disclosure. The distribution date is set for 28 August.

ALSO- The company’s board recommended transferring its SAR 45 mn statutory reserve to retained earnings, pending shareholders’ approval, according to a separate disclosure.

SAUDI PAPER MANUFACTURING COMPANY-

Saudi Paper Manufacturing Company (SPM) posted a 46.5% y-o-y drop in net income to SAR 13.9 mn in 2Q 2025, as foreign exchange losses and higher provisions for receivables outweighed improved margins, it said in a disclosure to Tadawul yesterday. However, revenue rose 3.1% y-o-y to SAR 208.5 mn, supported by higher sales of paper rolls and converting products.

In the first half of the year, SPM’s net income fell 44.4% y-o-y to SAR 34.6 mn, while its revenue inched up 1.3% y-o-y to SAR 437 mn.

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