Flynas, Marafiq, Gasco, and more report 2Q 2026 earnings

War costs drag on flynas earnings

Budget airline flynas trimmed its 2Q 2026 net loss to SAR 240.6 mn from SAR 862.5 mn a year earlier, according to its earnings release (pdf). Revenue, meanwhile, increased by 3% y-o-y to SAR 2.2 bn during the same period.

The bottom line looks better than it did before: The prior-year quarter included SAR 1.08 bn in one-off IPO and ESOP listing costs. Excluding those costs, flynas swung from an adjusted net income of SAR 220 mn in 2Q 2025 to this quarter’s loss.

The war left its mark: It pushed the fuel bill up 86% y-o-y to SAR 838 mn as jet fuel prices more than doubled and kept part of the international network suspended. Flynas responded by cutting flight capacity by 15% y-o-y to protect margins, but passenger traffic fell faster, down 27% to 2.6 mn, and load factor slipped 8.4 points to 71.2%. Spreading a largely fixed cost base over fewer flights collapsed the gross margin to 1.2% from 21.1%.

Why revenue held up: Flynas pushed fares hard into the disruption. Unit revenue rose 22% y-o-y as tighter industry-wide capacity let carriers raise prices, lifting revenue despite fewer flights. The low-cost carrier business generated 73% of revenue, Hajj services contributed 25%, and general aviation the remaining 2%.

The half-year read: 1H revenue rose 6% y-o-y to SAR 4.2 bn, but flynas still posted a net loss of SAR 123 mn against a SAR 715 mn net loss a year earlier. Excluding last year’s listing costs, however, flynas swung from a SAR 368 mn adjusted net income to a loss.

Looking ahead: Flynas has withdrawn its full-year guidance but expects 3Q revenue growth in the low-to-high single digits and an EBITDA margin in the mid-teens to mid-20s, assuming no further escalation and jet fuel at around USD 145 a barrel. It began restoring capacity in July, though Kuwait and Iraq remain suspended. The second half hinges on regional stability and fuel prices.

Marafiq in the red

The Power and Water Utility Company for Jubail and Yanbu (Marafiq) swung to a SAR 46.5 mn net loss from a SAR 109.6 mn net income a year earlier, according to a Tadawul disclosure. Revenue increased 22.2% y-o-y to SAR 1.7 bn, though the comparison was boosted by a tariff adjustment in the prior-year quarter.

Elevated costs weighed down the books: Higher fuel, transmission, and wheeling costs, weaker demand from industrial customers in Jubail, and lower other operating income outweighed revenue growth.

The half-year read stayed positive: Over six months, Marafiq held onto net income at SAR 81.1 mn, though that’s down 64.4% y-o-y, while its top line rose 13.6% y-o-y to SAR 3.5 bn.

Gas prices lift Gasco earnings

Gasco Holding’s net income grew 9.8% y-o-y to SAR 59.2 mn in 2Q, according to a Tadawul filing. Revenue also rose 19.6% to SAR 884.9 mn, led by higher gas sales on stronger prices and volumes, alongside gains in commercial projects and transportation services.

On a 1H basis, net income increased 22% y-o-y to SAR 141.4 mn, and revenue was up 17.1% to SAR 1.9 bn.

SRMG returns to the black on lower costs

Saudi Research and Media Group (SRMG) swung back into the black in 2Q 2026, reporting SAR 1.7 mn in net income, compared to a net loss of SAR 9.7 mn in 2Q 2025, according to a Tadawul disclosure. Revenue was up 13.3% y-o-y to SAR 765.6 mn.

Behind the turnaround: Sports broadcasting and the group’s publishing, visual, and digital content business drove revenue growth, but the return to positive earnings was mainly the result of lower costs. A reversal of expected-credit-loss provisions on trade receivables and lower G&A expenses did more to lift the bottom line than the higher top line.

The first half was also stronger: Net income rose 64.1% y-o-y to SAR 34.8 mn, while revenue increased 15.7% to SAR 1.54 bn.

Wataniya bounces back in 2Q

Wataniya Ins. posted a SAR 19.3 mn net income in 2Q 2026, up from a near-breakeven SAR 446k a year earlier, it said in a Tadawul disclosure. Revenue also grew 56.9% y-o-y to SAR 707.3 mn.

Behind the turnaround: The ins. book itself came back into the black, with net ins. results at SAR 14.1 mn, up from SAR 1.8 mn a year earlier — a jump the company ties to stronger performance in its directly written business. Earned premiums also climbed on underlying business growth, lifting revenue 56.9%. Investment income added the rest, up 32.1% y-o-y to SAR 20.4 mn.

The half tells a similar story: Net income for 1H increased 36.5% y-o-y to SAR 9.1 mn, while ins. revenue grew 48.7% to SAR 1.3 bn.

Lower margins push Retal into the red

Retal Urban Development swung to a SAR 17.2 mn net loss in 2Q 2026 from a SAR 66.1 mn net income a year earlier, even as revenue rose 28.7% y-o-y to SAR 628.7 mn on higher project completion rates and new developments, according to a Tadawul disclosure. Lower margins, higher business development and marketing costs, and weaker equity-accounted investment income outweighed revenue growth.

The half-year read: Net income dropped 68.7% y-o-y to SAR 42 mn on revenue of SAR 1.21 bn, up 14.3% y-o-y.