Dubai: flydubai reported today record-breaking annual results for its financial year ending 31st December 2024. The Dubai-based carrier marks its strongest-ever financial performance in its 15-year history, reporting a pre-tax profit of AED2.5 billion (US$674 million); a 16% growth compared to the previous financial year with a total revenue of AED12.8 billion (US$3.5 billion), marking an increase of 15% compared to AED11.2 billion (US$3 billion) in 2023.
According to Emirates News Agency, the new milestone was driven by the strength of flydubai's diverse network as well as its strong and agile business model. Commenting on the announcement of the airline's financial results, H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of flydubai, stated that the airline continues to push boundaries and has emerged as a key player in the aviation industry in Dubai and the region. Its business model is built on solid foundations and an unwavering commitment to supporting Dubai's economic and tourism vision.
flydubai reported a year-on-year increase of 15% in its EBITDA at AED4.1 billion (US$1.1 billion), reflecting the business's strong focus on operational and cost efficiency, digitalisation, and ongoing investment in enhancing customer experience. Fuel cost accounted for 28% of operating costs in 2024 compared to 32% in 2023, due to a lower average fuel price. The airline reported a closing cash and bank balance (including pre-delivery payments) of AED4.7 billion (US$1.3 billion).
The airline carried 15.4 million passengers in 2024, up 11% compared to 2023. Overall capacity, measured in Available Seat Kilometres (ASKM), increased by 10%, Passenger Load Factor increased by 1.2 percentage points, and Passenger Yield improved with an increase of 1%. This was driven by increased demand for both business and leisure travel around its network.
flydubai's Business Class offering continued to attract more customers, recording an 18% increase in uptake across its network, carrying almost half a million passengers in 2024. Ghaith Al Ghaith, Chief Executive Officer at flydubai, commented that their record-breaking financial performance, for the fourth consecutive year, demonstrates their continued ability to grow and navigate difficult economic and geopolitical challenges.
The carrier had to reevaluate its route development plans and implement frequency revisions across the network due to ongoing challenges with aircraft delivery schedules in 2024. Despite reduced expansion plans, flydubai grew its network in 2024 to 131 destinations in 55 countries, 97 of which were underserved markets. New destinations included Basel in Switzerland, Bhairahawa in Nepal, and several others.
By the end of December, the number of aircraft in flydubai's fleet was 88, with an average fleet age of 5.3 years. Four Boeing 737 MAX 8 aircraft were delivered in 2024, despite extensive delays. flydubai's current order book stands at 127 Boeing 737 aircraft to be delivered over the next decade, in addition to 30 Boeing 787 Dreamliners.
Almost 2.3 million codeshare passengers enjoyed seamless connectivity across the joint Emirates and flydubai network of 235 destinations in 101 countries via Dubai's aviation hub in 2024. The airline's ongoing recruitment drive has resulted in an expanded workforce of 6,089 employees.