FlyDubai sees profits soar to £452 million boosted by record passenger numbers

23 February 2024 , 09:44

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FlyDubai, the budget airline based in Dubai, has announced a record-breaking profit ((Emil Salman/Pool via AP ) (Image: No credit)

FlyDubai, the budget airline based in Dubai, has announced a record-breaking profit of $572 million (£452m) for 2023.

This is thanks to carrying more passengers than ever before across its network. The state-owned carrier reported earnings of $3 billion (£2.3 billion) , up from $2.5 billion (£1.9 billion) the previous year. It also carried 13.8 million passengers, beating its previous record of 11 million in a year. In 2022, it made a profit of $327 million (£279 nillion).

"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," said Ghaith al-Ghaith, FlyDubai's CEO.

FlyDubai is the sister airline to Emirates, both operating out of Dubai International Airport, the busiest airport in the world for international travel. The airport recently announced that it beat its own pre-pandemic figures for 2023, although it is still just short of its highest-ever figure of 89.1 million passengers in 2018.

FlyDubai, one of the biggest customers of the 737 Max, relies heavily on the Boeing 737. This plane is a key part of their operations, and the airline is owned by the government's Investment Corporation of Dubai, along with long-haul carrier Emirates. These two airlines also run code-share flights, which boosts traffic on FlyDubai routes.

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Even during Israel 's conflict with Hamas in the Gaza Strip, FlyDubai continued its flights to Israel's Ben Gurion International Airport, while other airlines stopped their routes to Israel. With a fleet of 84 aircraft, FlyDubai flies to 122 places in 52 countries.

Lawrence Matheson