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Flydubai profit up a record 75% as passenger growth surges

Flydubai's revenue for 2023 rose 23% to AED11.2 billion from AED9.1 billion a year earlier Flydubai
Flydubai's revenue for 2023 rose 23% to AED11.2 billion from AED9.1 billion a year earlier

UAE carrier Flydubai reported its highest-ever profit in 2023, which surged 75 percent year on year to AED2.1 billion ($572 million).

The airline carried 13.8 million passengers, an increase of 31 percent year on year to a new record, surpassing its 11 million pre-pandemic figure. The GCC network reported a 56 percent year on year rise in passenger numbers, while European routes saw an annual increase of 36 percent.

Revenue for the year rose 23 percent to AED11.2 billion from AED9.1 billion a year earlier.

“Building on the momentum from our previous strong performance, we continued to grow, surpassing all pre-pandemic levels to achieve the most profitable year in the history of the airline,” said Flydubai CEO Ghaith Al Ghaith.

Closing cash and cash equivalents, including pre-delivery payments for future aircraft deliveries, reached nearly AED4.8 billion in 2023, compared to AED 4.3 billion in 2022.

Fuel cost remained the single highest operating cost, accounting for a third of total annual operating expenses. The airline hedged 12 percent of its fuel requirement last year.

The airline launched 17 new routes, extending its reach to 122 destinations in 52 countries in 2023. The fleet grew with the addition of 13 new aircraft, concluding the year with a total of 84 aircraft.

Additionally, the airline placed an order for 30 Boeing 787 Dreamliners worth $11 billion, set for delivery from 2026.

“We will continue with our strategic network development plans that will see more destinations join the Flydubai network this year starting,” Al Ghaith added. 

The airline anticipates the delivery of 12 Boeing 737 Max aircraft, allowing increased capacity on existing routes as travel demand returns to pre-pandemic levels

“This year will see more investment in technologies across the business and the retrofitting of our fleet of next-generation Boeing 737 aircraft to provide a more cohesive customer experience,” the CEO added.

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