Flydubai Reports Record-Breaking Financial Results in 15-Year History

Photo: Instagram/@flydubai

Flydubai has announced its best-ever financial results for the year ending December 31, 2024. The Dubai-based airline reached a significant milestone, recording a pre-tax profit of AED 2.5 billion (about $674 million). This represents a 16% increase compared to the previous year. The airline’s total revenue reached AED 12.8 billion (around $3.5 billion), up by 15% from the previous year’s AED 11.2 billion (about $3 billion).

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This impressive achievement is a result of Flydubai's growing network and solid business model, which have helped the airline stand out in a competitive industry. The airline’s ability to offer flights to new and underserved markets has helped make Dubai one of the most connected cities in the world.

H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of flydubai, expressed his satisfaction with the airline's success. He emphasized that flydubai has become an important player in both the aviation industry and Dubai’s economy. By offering flights to less-served regions, flydubai has played a vital role in boosting trade and tourism. His Highness also highlighted the support of Dubai’s leadership and policies, which have created a secure and successful environment for businesses like Flydubai.

For the year 2024, flydubai’s earnings before interest, taxes, depreciation, and amortization (EBITDA) grew by 15%, reaching AED 4.1 billion (approximately $1.1 billion). This strong performance is thanks to the airline’s focus on improving operational efficiency, embracing digital technology, and continually investing in customer experience.

Flydubai also saw a reduction in fuel costs, which accounted for 28% of operating expenses in 2024, compared to 32% in 2023. This was due to lower average fuel prices. By the end of the year, the airline’s cash and bank balance was AED 4.7 billion (around $1.3 billion), including pre-delivery payments.

The airline carried 15.4 million passengers in 2024, marking an 11% increase compared to the previous year. The total capacity, measured in Available Seat Kilometres (ASKM), rose by 10%. Additionally, the Passenger Load Factor, a measure of how full the flights were, improved by 1.2 percentage points. There was also a 1% increase in the amount passengers paid per seat (Passenger Yield), driven by a higher demand for both business and leisure travel across the network.

Flydubai's Business Class service attracted more customers, with an 18% increase in the number of passengers choosing this service. In total, almost half a million people flew Business Class with Flydubai in 2024.

Ghaith Al Ghaith, Chief Executive Officer of Flydubai, commented on the company’s growth. He mentioned that the airline’s ability to adapt and plan has allowed it to thrive despite global challenges. The airline’s close collaboration with partners and commitment to evolving based on customer needs were key factors in its success.

Despite facing delays in aircraft deliveries, flydubai expanded its network to 131 destinations in 55 countries. This included 97 underserved markets, and the airline added 10 new routes in 2024, including cities like Basel (Switzerland), Islamabad and Lahore (Pakistan), and Mombasa (Kenya). The airline also reinstated flights to Al Jouf (Saudi Arabia) and Sochi (Russia) and operated seasonal summer routes that attracted more passengers.

By the end of 2024, flydubai’s fleet consisted of 88 aircraft, with an average age of 5.3 years. The airline received four new Boeing 737 MAX 8 aircraft, which were delayed from previous years. However, flydubai did not receive any of the aircraft that were originally scheduled for delivery in 2024. To make up for this, the airline extended the lease on four Boeing 737-800 aircraft.

Looking ahead, flydubai has an order of 127 new Boeing 737 aircraft set for delivery over the next ten years. In addition, the airline has placed an order for 30 Boeing 787 Dreamliners, marking its first wide-body aircraft order worth $11 billion. These new aircraft will start arriving in 2027.

Flydubai’s partnership with Emirates continues to grow, with almost 2.3 million codeshare passengers enjoying seamless travel across the two airlines’ combined network of 235 destinations in 101 countries.

Finally, flydubai’s workforce grew to 6,089 employees, thanks to its ongoing recruitment efforts.
In conclusion, flydubai’s record-breaking results in 2024 reflect the airline’s ability to grow and adapt to changes in the aviation industry, positioning it for continued success in the years ahead.