flydubai reports strongest financial results in 15-year history

flydubai has recorded record-breaking annual results for its financial year ending December 31, 2024, the UAE carrier has announced. The airline reported a pre-tax profit of AED 2.5 billion ($674 million), which represents a 16 per cent growth year-on-year, and a total revenue of AED 12.8 billion ($3.5 billion).

The figure is also an increase of 15 per cent compared to AED 11.2 billion ($3 billion) in 2023. 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, His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of flydubai, said: “flydubai continues to push boundaries and reach new milestones year-on-year. In its young, but impactful, journey, it 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. Forging invaluable air links to underserved markets has supported Dubai’s thriving aviation hub, making Dubai one of the most accessible and connected cities in the world. We have seen evidence of the positive impact flydubai has in the markets it operates to, stimulating free flows of trade and tourism and acting as a lifeline during challenging times. 

He added: "flydubai is well-placed for continued growth and success in the next chapter of its journey as it expands its horizons and operations, continues to invest in innovation and delivers an enhanced customer experience over the coming years. This could not have been possible without the UAE’s visionary leadership and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, who have created the framework for a secure and safe environment, progressive policies and world-class infrastructure that foster success.”

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flydubai reported a year-on-year increase of 15 per cent in its EBITDA at AED 4.1 billion ($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 per cent of operating costs in 2024 compared to 32 per cent in 2023, due to a lower average fuel price. The airline reported a closing cash and bank balance, including pre-delivery payments, of AED 4.7 billion ($1.3 billion). 

The airline carried 15.4 million passengers in 2024, up 11 per cent compared to 2023. Overall capacity, measured in Available Seat Kilometres (ASKM), increased by 10 per cent, Passenger Load Factor increased by 1.2 percentage points and Passenger Yield improved with an increase of 1 per cent. 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 per cent increase in uptake across its network, carrying almost half a million passengers in 2024.

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, following its first wide-body aircraft order valued at $11 billion, starting from 2027.