Dubai-Based Budget Carrier FlyDubai Posts Record-Breaking $572 Million Profit In 2023

The Dubai-based budget carrier FlyDubai saw record profits of $572 million in 2023, boosted by carrying the most passengers ever across its network, the company announced on Thursday (22 February).

The state-owned carrier, based in the business and tourism hub of Dubai in the United Arab Emirates, reported revenue of $3 billion for its financial year ending 31 December 2023, compared to $2.5 billion the year before.

It also carried 13.8 million passengers in 2023, an increase of 31 per cent compared to 2022 and a new record surpassing its 11 million pre-pandemic figure.

The annual profit for 2023 marks a significant surge, with a remarkable 75 per cent increase compared to the $327 million profit reported in 2022.

“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,” Ghaith al-Ghaith, FlyDubai’s CEO, said in a statement.

FlyDubai is the sister airline to long-haul carrier Emirates, both based out of Dubai International Airport (DXB), the world’s busiest for international travel. From its home in Dubai, FlyDubai has created a network of more than 125 destinations in 58 countries served by a fleet of 85 aircraft.

The hybrid carrier has also continued flights to Israel’s Ben Gurion International Airport during Israel’s war on Hamas in the Gaza Strip, while other carriers have halted their routes to Israel.