Flydubai announces increase in full-year profit

Dubai-owned low cost airline also saw an increase in revenue
By Neil Halligan
Wed 21 Feb 2018 12:42 PM

Low-cost carrier Flydubai announced a 17 percent increase in full-year profit, as the price of oil continues to have a bearing on its performance.

The airline’s full-year profit of $10.1 million (AED37.3m) was an increase on the previous year’s profit of $8.6m (AED31.6m).

Full-year revenue was reported as $1.5 billion (AED5.5bn), up 9.2 percent on last year’s $1.37bn (AED5bn).

The airline carried a record number of 10.9 million passengers during the year, growing 5.5 percent on the previous year.

Ghaith Al Ghaith, CEO of Flydubai, said: “The oil price continues to shape the business landscape and it remains a fine balance between fares, yields and passenger growth. Despite the socio-economic environment we have seen across our network, we have record numbers of passengers travelling with us as well as sustained growth in our revenue.”

Sheikh Ahmed, chairman of flydubai, said the results “demonstrate the key role that flydubai continues to play in the development of trade and tourism in the UAE”.

Flydubai placed the third largest order for new aircraft last year, ordering 175 Boeing 737 MAX airplanes at Dubai Airshow.

Al Ghaith said the airline's previous order for Boeing 737 Max aircraft will enhance the company’s performance during the coming year. The airline will take delivery of seven aircraft during the course of the year, including its first Boeing 737 MAX 9 aircraft.

“The introduction of new and more fuel efficient aircraft into our fleet will be a positive influence and we will see greater benefit as more Boeing 737 MAX 8 aircraft join the fleet,” he said.

Sheikh Ahmed said the codeshare agreement announced with Emirates last year, while still “in its early stages”, the partnership “has enjoyed a significant response from passengers who recognise the benefits of travelling around the world on a single ticket”.

“As the opportunities presented by the codeshare progress it will create new passenger flows going forward,” he said.

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