Economy News – Update
Flydubai has reported a net profit of 2.5 billion dirhams (approximately $674 million) before taxes for the fiscal year 2024, marking a 16% increase compared to the previous year. After taxes, the profit stood at 2.2 billion dirhams (about $611 million), while total revenues reached 12.8 billion dirhams, reflecting a 15% rise from 11.2 billion dirhams ($3 billion) in 2023.
These results represent the highest annual performance for the airline since its establishment 15 years ago.
In 2024, Flydubai transported 15.4 million passengers, an 11% increase over 2023. The airline also enhanced its available seat kilometers by 10%, reaching a total of 44.503 million, solidifying its position as the second-largest operator at Dubai International Airport.
Fuel costs constituted 28% of the operating expenses, a reduction of 32% from the previous year due to a decline in average fuel prices. Additionally, Flydubai reported a cash and banking balance (including pre-payments) of 4.7 billion dirhams ($1.3 billion). Notably, the business class segment experienced an 18% increase across the company’s network, while the overall cargo factor rose by 1.2%.
The airline operates a fleet of 88 Boeing 737 aircraft with an average age of 5.3 years. With a workforce exceeding 6,000 employees, Flydubai provides services to 131 destinations from Dubai and has successfully transported over 120 million passengers since its inception.
These positive results come despite delays in the ongoing delivery of Boeing aircraft. Currently, Flydubai has an order book comprising 127 Boeing 737 aircraft slated for delivery over the next decade, alongside 30 Boeing 787 Dreamliner aircraft, following the commitment for the first wide-body planes valued at $11 billion, with deliveries beginning in 2027.
To address the ongoing challenges related to new aircraft deliveries in 2024, the airline is reassessing its development plans and flight schedules across its network.
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