flydubai reported today record-breaking annual results for its financial year ending December 31, 2024. The Dubai-based carrier marked its strongest-ever financial performance in its 15-year history, reporting a pre-tax profit of $674 million, a 16 percent growth compared to the previous financial year.
The airline’s total revenue reached $3.5 billion, marking an increase of 15 percent compared to $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.
“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,” stated His Highness Sheikh Ahmed bin Saeed Al Maktoum, chairman of flydubai.
EBITDA grows 15 percent to $1.1 billion
flydubai reported a year-on-year increase of 15 percent in its EBITDA at $1.1 billion, reflecting the business’s strong focus on operational and cost efficiency, digitalization and ongoing investment in enhancing customer experience. Fuel cost accounted for 28 percent of operating costs in 2024 compared to 32 percent in 2023, due to a lower average fuel price. The airline reported a closing cash and bank balance (including pre-delivery payments) of $1.3 billion.
“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,” added Sheikh Ahmed.
Airline carries 15.4 million passengers in 2024
flydubai carried 15.4 million passengers in 2024, up 11 percent compared to 2023. Overall capacity, measured in Available Seat Kilometres (ASKM), increased by 10 percent, Passenger Load Factor increased by 1.2 percentage points and Passenger Yield improved with an increase of 1 percent. 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 percent increase in uptake across its network, carrying almost half a million passengers in 2024.
“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,” added Sheikh Ahmed.
flydubai grows network to 131 destinations in 55 countries
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 its reduced expansion plans, flydubai grew its network in 2024 to 131 destinations in 55 countries, 97 of which were underserved markets.
The carrier reinstated two operations to Al Jouf in Saudi Arabia and Sochi in Russia. Furthermore, it added 10 new destinations including Basel in Switzerland, Bhairahawa in Nepal, Islamabad and Lahore in Pakistan, Kerman and Kish Island in Iran, Langkawi and Penang in Malaysia, Mombasa in Kenya as well as The Red Sea in Saudi Arabia.
Seasonal summer operations, between June and the end of September, continued to attract more passengers to the carrier’s nine destinations on offer.
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Order book stands at 127 Boeing 737 aircraft
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 the first half of 2024, which were from the backlog of previous years and faced extensive delays.
flydubai did not receive any of the aircraft that were contractually scheduled to be delivered in 2024 due to ongoing challenges with Boeing’s delivery schedule. The carrier extended the lease on four Next-Generation Boeing 737-800 aircraft which were scheduled to be returned to the lessors.
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.
“Our strategic plans are highly influenced by the manufacturer’s ability to deliver on their promise to bring the aircraft delivery schedules back on track and clear the backlog. flydubai will receive 12 new Boeing 737s in 2025 to continue growing its fleet, replace some of its existing aircraft and support its network expansion plans,” stated Ghaith Al Ghaith, CEO at flydubai.
