Riyad Capital Lifts Flynas Rating After Better-than-Expected Q2 Net Loss

08:21 AM EDT, 08/07/2026 (MT Newswires) -- Riyad Capital upgraded its rating on Flynas (SASE:4264) on Thursday after the low-cost airline logged a better-than-expected net loss in the second quarter. Flynas' net loss narrowed to 241 million Saudi riyals during the quarter from the year-ago 863 million riyals, below the research firm's estimated net loss of 299 million riyals. Revenue rose 3% over the period to 2.21 billion riyals, which Riyad Capital said came in "broadly in line" with its forecast of 2.18 billion riyals. "While near-term catalysts remain limited amid ongoing regional disruptions and fuel price uncertainty, we continue to view flynas as a compelling long-term growth story. We expect earnings visibility to improve as regional conditions normalize, with the company's aggressive capacity expansion, network growth strategy, and structural exposure to Saudi Arabia's aviation market supporting a gradual re-rating of the stock," analysts said. "We therefore maintain our target price and upgrade the stock to Buy, as the recent share price weakness provides an attractive entry point." The price target was left unchanged at 60 riyals.