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flydubai today announced record annual results for its financial year ending December 31, 2023, with net profit reaching AED 2.1 billion ($572 million), an increase of 75 percent compared to 2022, which marks the strongest performance in the airline’s history.
Meanwhile, the company’s total annual revenue was set at AED 11.2 billion (US$3 billion) compared to AED 9.1 billion (US$2.5 billion) in 2022; an increase of 23 percent compared to 2022. flydubai carried 13.8 million passengers across its network; an increase of 31 percent compared to 2022. The airline took delivery of 13 new aircraft and ended 2023 with 84 aircraft.
Commenting on the 2023 financial results, His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of flydubai, saying,
“In its 15th year of operations, flydubai has become one of the key players in the UAE aviation industry and a major contributor to Dubai’s economy. Its strong business model has allowed the airline to grow exponentially even in difficult times, doubling its operating fleet and expanding its network since the pandemic.
“The decision to accelerate aircraft deliveries during the pandemic, preserve its workforce and press ahead with its ambitious network expansion plans has proven to be the right strategy for the airline, resulting in its strongest performance yet. date”.
Ghaith Al Ghaith, CEO of flydubai, saying,
“Building on the momentum of our previous strong performance, we continued to grow beyond all pre-pandemic levels to achieve the most profitable year in the airline’s history. The trust our leaders and key partners have in us has kept us steadfast in our commitment to connecting more underserved markets to Dubai and enabling more passengers to travel comfortably more often. “More than 108 million passengers have chosen flydubai since our first flight took off in 2009, demonstrating the appeal of our offering and the city we carry in our name.”
Cost and revenue performance
‘flydubai’The closing position of cash and cash equivalents (including pre-delivery payments for future aircraft deliveries) reached AED 4.8 billion compared to AED 4.3 billion last year.
Fuel cost remains the highest operating cost for the airline, accounting for 32 percent of total annual operating costs, due to high fuel prices. The airline continues to explore fuel hedging options and last year covered 12 percent of its fuel needs.
Operational performance
flydubai launched 17 routes and ended 2023 with a network of 122 destinations in 52 countries, including Ashgabat, Cairo Sphinx, Corfu (seasonal), Kabul, Milan, Mogadishu, Neom, Olbia (seasonal), Poznań, Shymkent and St. Petersburg. The start of operations in Krabi and Pattaya in Thailand marked flydubai’s return to Southeast Asia.
News source: Emirates News Agency
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