Flydubai hits record-breaking profit of DH 2.1bn in 2023

Dubai: Flydubai announced record-breaking annual profits for 2023, reaching Dh2.1 billion ($572 million), a remarkable 75 per cent surge from the previous year. The airline attributes this success to a surge in passenger numbers and robust revenue growth amid a booming demand for air travel.

The airline, a sister company of Emirates, reported a 23 per cent increase in total revenue, reaching Dh11.2 billion. This remarkable achievement was bolstered by a significant rise in passenger numbers, with 13.8 million travellers flown from Dubai, marking a 31 per cent increase from the previous year.

The CEO of Flydubai - Ghaith Al Ghaith, expressed pride in the airline's performance and highlighted their strategy of connecting underserved markets to Dubai as a key driver of success.

“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 Ghaith.

Despite challenges such as high fuel prices and supply-chain disruptions, Flydubai remains optimistic about its future prospects. The airline ended 2023 with 84 aircraft, including a mix of Boeing 737 models. But the challenges with aircraft manufacturer Boeing's delivery schedule resulted in four fewer aircraft being delivered than anticipated.

To meet the surge in travel demand and mitigate delays in aircraft deliveries, Flydubai entered into an agreement with Smartwings for six wet-leased aircraft, maintaining operational control while utilizing additional aircraft and crew.

Flydubai expanded its route network by launching 17 new destinations, bringing the total to 122 destinations across 52 countries. The airline recorded significant growth in passenger numbers on its GCC and European networks.

Flydubai further plans to enhance its operations by initiating delivery of 12 Boeing 737 Max aircraft in 2024. This investment aims to accommodate the anticipated return to pre-pandemic levels of travel demand across its network.

The airline also aims to invest in technology and retrofit its fleet of Boeing 737 aircraft to enhance the customer experience. The airline's planning and strong financial position place it well to navigate ongoing challenges and capitalize on opportunities in the dynamic aviation industry landscape.