Flydubai profit up a record 75% as passenger growth surges

  • Date: 23-Feb-2024
  • Source: AGBI
  • Sector:Healthcare
  • Country:UAE
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Flydubai profit up a record 75% as passenger growth surges

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 […]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 Ghaith Al Ghaith, CEO, Flydubai.

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,