Flynas Reiterated at Overweight as AlJazira Capital Notes Q2 Performance

05:23 AM EDT, 08/28/2026 (MT Newswires) -- AlJazira Capital affirmed its overweight rating on Flynas Co (SASE:4264), with a price target of 67 Saudi riyals, as analysts took note of the Saudi airline's second-quarter results. "Flynas short-term performance is dragged down by the regional conflict, through elevated fuel prices and unutilized capacity; however, the company presents a compelling long-term growth story, driven by fleet expansion, international growth, and margin recovery," analysts wrote in a Thursday note. The low-cost air carrier reported a net loss of 240.6 million riyals for the three months ended June 30, against the research firm's expected loss of 304 million riyals. On the flip side, the company's revenue rose 3% year over year to 2.21 billion riyals. "Accordingly, we expect Flynas to report a SAR 362mn net loss in FY26E, primarily reflecting elevated fuel costs and temporary underutilization of capacity. As fuel prices normalize and capacity utilization improves, we expect profitability to recover, with net profit reaching SAR 849mn by FY30E, implying an 8.8% CAGR over FY25-30E," AlJazira said.