flydubai Sees Record-breaking Results in 2024

Today, flydubai (FZ) announced its strongest Financial Results in its 15-year history. The airline reported a record profit before tax of AED2.5 billion (US$674 million) for the financial year ending 31 December 2024, an increase of 16% compared to 2023. The annual revenue surged 15% to AED12.8 billion, or US$3.5 billion.

In 2024, flydubai carried 15.4 million passengers, an increase of 11% over 2023. The airline also increased its available seat-kilometer (ASK) by 10% to 44.503 million passengers, consolidating its position as the second largest operator from Dubai International Airport (DXB).

Fuel cost accounted for 28% of operating cost, down from 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). In particular, the Business Class product has registered an increase of 18% across the airline’s network. Overall, FZ increased its load factor by 1.2%.

Fleet Expansion

The airline counts on a fleet of 88 Boeing 737 aircraft with an average age of 5.3 years. The airline has expanded its workforce and facilities and has over 6,000 employees. FZ serves 131 destinations from Dubai and has carried over 120 million passengers since its foundation. 

It is important to note that the positive results came despite the ongoing aircraft Boeing delivery delays. FZ’s current order book stands at 127 Boeing 737 aircraft to be delivered over the next decade and 30 Boeing 787 Dreamliners, following its first wide-body aircraft order valued at US$11 billion, starting in 2027. 

The UAE carrier did not receive any of the aircraft contractually scheduled to be delivered in 2024. The airline extended the lease on four Next-Generation Boeing 737-800 aircraft, which were expected to be returned to the lessors.

Comments from flydubai Chairman

Commenting on the airline’s Financial Results announcement, 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."

The Chairman added, "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."

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