flydubai Reports Full Year 2021 Net Profit of $229 Million on 86 Percent Revenue Increase to $1.43 B
flydubai has reported a full year 2021 net profit of AED 841 million (US $229 million) on an 86 percent year-over-year increase in revenue to AED 5.3 billion (US $1.43 billion). The airline carried 5.6 million passengers in 2021, up 76 percent versus 2020.
On Monday (March 7, 2022), flydubai reported their financial results for the full year ending December 31, 2021. The carrier reported a net profit of AED 841 million (US $229 million) on a year-over-year increase in revenue of 86 percent to AED 5.3 billion (US $1.43 billion). During 2021, flydubai carried 5.6 million guests, up 76 percent compared to 2020, with an overall average load factor of 69 percent. flydubai launched 22 new routes in 2021, including service to 13 destinations that were unserved from Dubai. To meet travel demand last summer, the airline also launched seasonal service to five destinations including Batumi, Bodrum, Mykonos, Santorini and Trabzon.
In Monday’s announcment flydubai’s Chairman, His Highness Sheikh Ahmed bin Saeed Al Maktoum, said,
“The tremendous results flydubai is reporting for 2021 come after a very challenging two years as a result of the COVID-19 pandemic. The decisions taken by the UAE’s leadership, which saw the implementation of the precautionary safety measures throughout the customer journey, gave visitors the confidence to travel to Dubai, resulting in a 76% year-on-year increase in passenger numbers. We remain well placed to continue to welcome passengers across our network to Dubai and beyond. flydubai is intrinsic to Dubai’s travel and tourism industry.”
Also commenting on the airlines’ 2021 financial results, flydubai’s Chief Executive Officer, Ghaith Al Ghaith, said,
“flydubai’s business model remains strong and has served us well through the pandemic. As demand returned these strong fundamentals have translated into a significant improvement in our financial performance. This achievement has been made possible by the commitment of our hardworking employees combined with our business agility.
“A challenge that remained throughout 2021 was the constant changes to the travel restrictions. This meant that passengers did not have the confidence to book travel early, however they continued to travel with a shorter booking window ahead of their date of travel. During the second half of the year, travel restrictions began to ease which led to an increase in demand for travel across our network. We launched flights to seasonal summer destinations to offer more options for passengers and the increase in our flight schedule in the second half of the year supported the demand for inbound travel to Dubai.”
Further commenting on the carrier’s 2022 outlook, flydubai's CEO, Ghaith Al Ghaith, added,
“With the lifting of restrictions across our network and increasing demand for travel, we are cautiously optimistic about the year ahead notwithstanding the geopolitical situation and its potential effect on the pricing of commodities. During 2022, we will see the largest number of aircraft delivered in any year since the launch of the airline. As the momentum for travel continues to build, we will increase frequencies and introduce new destinations on our network during 2022. To support this growth trajectory, we will need to recruit the best people in the industry willing to contribute to flydubai’s continued success story.”
In 2021, flydubai expanded their fleet to 59 aircraft including 34 Boeing 737-800 NGs, 22 Boeing 737-8 MAX and three 737-9 MAX aircraft. The MAX aircraft rejoined flydubai’s fleet from April 2021, after being maintained in active storage during the grounding, thereby facilitation a seamless return to service. In July 2021, the carrier reached an agreement with Boeing to adjust their orders placed in 2013 and 2017, revising down the total number of aircraft to be received by 65. As of December 31, 2021, flydubai had received 25 aircraft from their orders, with 161 remaining for delivery.
In April 2021, the company also moved to their new sustainable LEEDS-certified campus, which also includes a crew training center. For 2022, flydubai expects to take delivery of 20 Boeing 737-8 MAX aircraft, with deliveries starting this month.