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flydubai Reports Record Full Year 2023 Net Profit of $572 Million

flydubai has reported a full year 2023 record net profit of AED 2.1 billion (US $572 million) on a year-over-year increase in revenue on a 23 percent to AED 11.2 billion (US $3.0 billion).


flydubai Boeing 787-9 Dreamliner Rendering - Courtesy Boeing

On Thursday (February 22, 2024), flydubai announced their financial results for the full year ending December 31, 2023.  The carrier reported a record net profit of AED 2.1 billion (US $572 million) on an increase in revenue versus FY 2022 of 23 percent to AED 11.2 billion (US $3.0 billion).   At December 31, 2023, flydubai had cash and cash equivalents, including pre-delivery payments for future aircraft deliveries, of AED 4.8 billion (US $1.3 billion), up from AED 4.3 billion (US $1.2 billion) at December 31, 2022. 


In Thursday’s announcement, flydubai’s Chairman, His Highness Sheikh Ahmed bin Saeed Al Maktoum, said,


“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.  Its solid business model has enabled the carrier to grow exponentially even during challenging times, doubling its operating fleet and expanding its network since the pandemic.  This remarkable achievement has been made possible due to the vision of the UAE’s leadership and the progressive policies of His Highness Sheikh Mohammed bin Rashid Al Maktoum which are conducive to the success of the aviation industry and flydubai as a key contributor to the sector.


“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.  I am proud of the work the team has done to achieve these outstanding results, setting the bar even higher for the years to come as flydubai continues to play an intrinsic role in supporting Dubai’s leading position on the global trade, tourism and aviation stage.”


Also commenting on flydubai’s full year 2023 financial results, flydubai’s CEO, Ghaith Al Ghaith, said,


“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.  The confidence our leadership and key partners have in us has kept us steadfast in our commitment to connect more underserved markets to Dubai and to enable more passengers to travel conveniently more often.  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.


“I am very proud of the hard work and dedication of everyone at flydubai which has enabled us to break all our records while keeping our customers at the heart of everything we do.”


During 2023, the carrier launched 17 new routes, ending the year with a network of 122 destinations in 52 countries.  flydubai also took delivery of 13 new aircraft in 2023, ending the year with a fleet of 84 aircraft, including 29 Boeing 737-800NGs, 52 Boeing 737-8 MAX, and three 737-9 MAX jets.  Three Boeing 737-800NGs were also returned to the lessors at the end of their lease term.  To mitigate the impact of delayed aircraft deliveries, flydubai has also entered a ACMI agreement wit Smartwings for six wet-leased aircraft.


At the Dubai Airshow 2023, flydubai placed an US $11.0 billion order for 30 Boeing 787 Dreamliners, the airline’s first-ever widebody jet order.  In 2024, the carrier expects to take delivery of 12 additional Boeing 737 MAX Family airplanes.  Over 1,000 new team members joined the company in 2023, bolstering the airline’s roster to 5,545 employees.


Since commencing operations in 2009, flydubai has grown their network to over 122 destinations across 52 countries in Africa, Central Asia, the Caucuses, Central and South-East Europe, the GCC and the Middle East, and the Indian Subcontinent.  The carrier has opened more than 75 new routes that did not previously have direct air links to Dubai or were not served by a UAE carrier.  flydubai operates a single fleet type of 84 Boeing airplanes, including Boeing 737-800NGs, 737-8 MAX, and 737-9 MAX models, and also has an order backlog of over 100 737s.  At the Dubai Airshow in November 2023, the carrier ordered 30 Boeing 787-9 Dreamliners, their first widebody jets ever.


 

Source: flydubai

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