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Dubai-based airline flydubai has reported a historic profit of AED1.2 billion ($327 million) for 2022, a 43 percent increase from 2021, reflecting the airline’s legacy built on cost efficiency and agility. Strong business model.
Reporting its annual results for the year ended December 31, the airline said total annual revenue reached AED9.1 billion (US$2.5 billion) compared with AED5.3 billion (US$1.4 billion) in 2021, an increase of 72%.
The airline carried 10.6 million passengers, an 89% increase over 2021. It took delivery of 17 new aircraft, a record number of deliveries in a single year.
The airline also hired 1,300 people, the airline’s largest hiring drive in years.
Sheikh Ahmed bin Saeed Al Maktoum, chairman of flydubai, said: “Dubai’s record performance in 2022 is a testament to the airline’s strong business model and its success in challenging times. A direct result of adaptability and agility, this has cemented its position as a key contributor to the success of Dubai Aviation Hub.
“Over the past two years, flydubai has remained committed to maintaining the highest levels of cost and operational efficiency while retaining and growing its workforce. This has meant the airline is able to quickly meet pent-up demand and support Dubai’s accelerated recovery. flydubai continued The second year of profitability since the start of the pandemic is a testament to the exceptional contribution of its technical team and the positive operating environment we operate in which is conducive to growth and success. I look forward to seeing flydubai play an important role in the continued growth of the aviation industry ; is a key driver to achieve D33, Dubai’s economic agenda,” he said.
Ghaith Al Ghaith, CEO of flydubai, said: “We recognized early on the enormous opportunity Dubai offered and remained focused and ready to expand our business when travel demand recovers. Our resilient financial position enables us to remain cash positive 2022 is an extraordinary year with accelerated demand growth, the final months of Expo 2020 and unprecedented travel to support the World Cup in Doha effort.
“Navigating through challenging times of continued fuel price volatility, supply chain disruptions, rising global inflation and geopolitical turmoil did not detract from our strong performance last year. Our strong cost containment measures, network optimization, strong earnings and Our remarkable fuel-efficient Boeing 737 MAX fleet contributed to this historic financial performance.
“I am proud to see our network, fleet, people and performance reach new heights. This is all thanks to the unwavering vision of the leadership in Dubai and the UAE, and the hard work and dedication of everyone at flydubai ,” Al Ghaith said.
Other highlights of the results are:
* Reported EBITDAR1 at 28% of annual revenue.
* Ending cash and cash equivalents position: including advance payments for future aircraft deliveries, was AED 4.3 billion compared to AED 3.8 billion last year.
* Fuel costs remained the airline’s highest single operating cost, accounting for 33.9% of total annual operating costs due to a sharp increase in fuel prices last year. The Boeing 737 MAX aircraft will continue to bring greater fuel efficiency to our growing fleet.
* Financing: During 2022, flydubai will finance 20 Boeing 737 MAX aircraft and 3 LEAP-1B engines through a combination of sale-leaseback and commercial debt financing.
* Network Expansion: flydubai launched 16 routes, bringing its network to 114 by the end of the year; reaffirmed its commitment to strengthening the region’s underserved markets with direct flights to Dubai.
* flydubai carried 10.6 million passengers across its network; an increase of 89% compared to 2021. The airline continues to see increased demand on its popular seasonal summer routes: Batumi (BUS), Bodrum (BJV), Dubrovnik (DBV), Izmir (ADB), Mi Knos (JMK), Santorini (JTR), Tivat (TIV) and Trabzon (TZX).
* Fleet size: flydubai took delivery of 17 new aircraft, the highest number of deliveries in a single year in the airline’s history. The airline has grown its fleet by 25% compared to the previous year, and by the end of 2022, the airline will have 74 aircraft: 32 next-generation Boeing 737-800s, 39 Boeing 737 MAX 8s and 3 Boeing 737s MAX 9 aircraft. Two next-generation Boeing 737-800 aircraft were returned to the lessor at the end of the operating lease. –trade arab news agency
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