The low-budget carrier Flydubai has recorded its highest profits in 15 years, with a total profit of $327 million in 2022.
The government-owned airline in Dubai said annual revenue was up by 72% to $2.5 billion. The $327 million in profits was up from 43% in the previous year.
Why Did Flydubai Record Its Highest Profits?
The airline carried 10.6 million passengers last year, an 89% increase compared to 2021, which was 5.6 million.
Following lifting travel covid restrictions in the Middle East, this has helped boost the airlines’ profits.
During the World Cup in Qatar last year, the airline operated match-day shuttle flights between Dubai World Central airport and Doha International Airport.
The 30 daily return flights between the two countries enabled more than 133,000 football fans, representing 171 nationalities, to travel conveniently during the World Cup 2022.
The airline also welcomed 1,300 new employees, 80% of whom were cabin crew, engineers, or pilots. This was the biggest recruitment drive in a single year by the carrier.
In November 2022, Emirates and Flydubai celebrated five years of their strategic partnership, which helped more than 11 million passengers to enjoy seamless connectivity across the collaborative network of 215 destinations in 98 countries.
The low-budget carrier also grew its fleet by 25% compared to 2021. The airline has 74 planes: 39 Boeing 737 MAX 8, 3 Boeing 737 MAX 9 aircraft, and 32 Next-Generation Boeing 737-800.
To meet the surge in travel demand last year, the carrier signed an Aircraft, Crew, Maintenance, and Insurance (ACMI) agreement with Smartwings.
His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of flydubai, said of the record highest profits in 15 years: “Our record performance for 2022 is a direct result of the carrier’s strong business model as well as its adaptability and agility during challenging times, which has cemented its position as a key contributor to the success of Dubai’s aviation hub.”
Ghaith Al Ghaith, Chief Executive Officer at flydubai, added:
“Navigating through challenging times characterized by continued fluctuating fuel prices, disruption to supply chains, rising global inflation, and geopolitical unrest did not dampen our strong performance last year. Our robust cost control measures, network optimization, strong yield, and the significant fuel efficiencies of our Boeing 737 MAX aircraft fleet have contributed to this historic financial performance.”
He continued: “I am proud to see our network, fleet, workforce, and performance reach new heights. This is all due to the unwavering vision of the leadership of Dubai and the UAE, and the hard work and dedication of everyone at flydubai.”
The airline offers a number of destinations worldwide.
The government of Dubai established the low-budget airline in 2008. The first flights took off in 2009, with services to Beirut in Lebanon and Amman in Jordan.
Since then, services have expanded to over 90 destinations, including Africa, Asia, Europe, and the Middle East.
The carrier announced in 2020 that it would direct flights between Tel Aviv and Dubai. This marked the first commercial flight route between Dubai and Tel Aviv.
The main asset of the airline is its hospitality. The airline said that the team at flydubai is a family which continues to make the business what it is today and employs more than 4,650 colleagues from 136 countries. The diversity of their team is a true reflection of the cosmopolitan city of Dubai.
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