Dubai-listed aviation firm flydubai has recorded a net profit of Dh2.1 billion (US$572 million) for the 2023 financial year, an increase of 75% compared to 2022 and the company’s strongest-ever performance.
flydubai’s total annual revenue settled at Dh11.2 billion (US$3 billion) for the 12 months ending in December 2023, a 23% increase from the Dh9.1 billion (US$2.5 billion) recorded the year prior.
The company carried 13.8 million passengers across its network in 2023, surpassing its pre-pandemic figures. flydubai also took delivery of 13 new Boeing 737 aircraft over the year, ending the period with a total of 84 aircraft.
flydubai’s closing cash and cash equivalents position (including pre-delivery payments for future aircraft deliveries) hit Dh4.8 billion at the end of 2023, compared to Dh4.3 billion the year prior.
Fuel cost continued to be the single highest operating cost for the airline accounting for 32% of total annual operating costs, due to elevated fuel prices. The airline continues to explore fuel hedging options.
“In its 15th year of operations, flydubai has emerged as one of the key players in the UAE’s aviation industry and a major contributor to Dubai’s economy,” said Commenting on the 2023 financial results, H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of flydubai, said,
“The decision to accelerate its aircraft deliveries during the pandemic, preserve its workforce and to move forward with its ambitious network expansion plans has proven to be the correct strategy for the carrier resulting in its strongest-ever performance.”
Ghaith Al Ghaith, Chief Executive Officer at flydubai, added, “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.
“More than 108 million passengers have chosen flydubai since our first flight took off in 2009, proving the attractiveness of our offering and the city we carry in our name.”
flydubai closed 2023 with a network of 122 destinations in 52 countries after having added 17 new routes over the course of the year. These include Ashgabat, Cairo Sphinx, Corfu (seasonal), Kabul, Milan, Mogadishu, Neom, Olbia (seasonal), Poznań, Shymkent and St. Petersburg.
The launch of operations to Krabi and Pattaya in Thailand marked flydubai’s return to Southeast Asia.