Flynas in the red for FY 2025

Non-recurring IPO-related charges knocked Flynas into the red for FY 2025. Saudi Arabia’s budget carrier Flynas posted a net loss attributable to shareholders of SAR 527 mn, against a SAR 434 mn gain a year earlier, according to a Tadawul disclosure. The firm’s revenue still rose 3.8% y-o-y to SAR 7.8 bn during the same period.

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It’s too early to tell how the conflict will affect Flynas this year, but the airline is in a better condition than some GCC peers and is still operating flights on schedule, CEO Al Mohanna told Asharq Business. Some 30% of the company’s fuel consumption is covered with hedge contracts, Al Mohanna said.

AD Ports gets MTO deadline extension for ALCN

The Financial Regulatory Authority granted a 60-day extension for the mandatory tender offer (MTO) targeting Alexandria Container and Cargo Handling Company, according to an EGX disclosure (pdf). The regulatory decision allows Black Caspian Logistics — acting on behalf of Abu Dhabi sovereign wealth fund ADQ — a new window to finalize its bid for up to 90% of the maritime logistics company’s shares.

Why it matters: This MTO is a necessary regulatory step to officially consolidate the indirect holdings of ADQ and its subsidiary AD Ports Group. After initially acquiring a 32% stake in 2022, ADQ secured an indirect 51.3% majority control last November when AD Ports purchased an additional 19.3% stake. Because Egyptian securities law mandates an MTO when a shareholder’s stake exceeds 33%, the Emirati group is utilizing this extra time to finalize its offer and bring its Egyptian port investments under direct, unified control.

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