Key Results for 2022
- Dubai-based carrier flydubai has today, 01 March 2023, announced its Annual Results for the year ending 31 December 2022
- Reports historic profit of AED 1.2 billion (USD 327 million); an increase of 43% compared to 2021, reflecting the carrier’s strong business model built on cost efficiency and agility
- Reports total annual revenue of AED 9.1 billion (USD 2.5 billion) compared to AED 5.3 billion (USD 1.4 billion) in 2021; an increase of 72%
- Carries 10.6 million passengers; an increase of 89% compared to 2021
- Takes delivery of 17 new aircraft; a record number of deliveries received in one year
- Hires 1,300 employees; the airline’s biggest recruitment drive in any year
Statements on the 2022 Annual Results
Commenting on the announcement of the airline’s record Full-Year Results for 2022, His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of flydubai, said:
“flydubai’s record performance for 2022 is a direct result of the carrier’s strong business model as well as its adaptability and agility during challenging times which has cemented its position as a key contributor to the success of Dubai’s aviation hub.
flydubai remained committed to maintaining the highest levels of cost and operational efficiencies while preserving and growing its workforce over the past two years. This meant the carrier was quick to cater to the pent-up demand and support Dubai’s accelerated recovery. flydubai’s second consecutive year of profitability since the start of the pandemic is testament to the exceptional contribution of its skilled team and the positive environment we operate in, which is conducive to growth and success. I look forward to seeing the vital role flydubai plays in the continued growth of the aviation sector; a key driver in realising the Dubai Economic Agenda D33.”
Cost and revenue performance
EBITDAR1: was reported at 28% of annual revenue.
Closing cash and cash equivalents position: including pre-delivery payments for future aircraft deliveries, is AED 4.3 billion compared to AED 3.8 billion last year.
Fuel cost: continues to be the single highest operating cost for the airline with 33.9% of total annual operating costs, due to the substantial 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 secured financing for 20 Boeing 737 MAX aircraft and 3 LEAP-1B engines through a combination of sale and leaseback and commercial debt financing.
Operational performance
Network expansion: flydubai launched 16 routes and ended the year with a network of 114; reaffirming its commitment to strengthening direct airlinks from underserved markets in the region with Dubai.
flydubai carried 10.6 million passengers across its network; an increase of 89% compared to 2021. The airline continued to see increased demand on its popular seasonal summer routes: Batumi (BUS), Bodrum (BJV), Dubrovnik (DBV), Izmir (ADB), Mykonos (JMK), Santorini (JTR), Tivat (TIV) and Trabzon (TZX).
flydubai saw an increase in demand for connecting traffic, with 46% of passengers connecting to the flydubai network or through its codeshare with Emirates; compared to 34% in 2021.
Fleet size: flydubai took delivery of 17 new aircraft, a record number of deliveries received in one year in the history of the airline. Growing its fleet by 25% compared to the previous year, the airline ended 2022 with 74 aircraft: 32 Next-Generation Boeing 737-800, 39 Boeing 737 MAX 8, and 3 Boeing 737 MAX 9 aircraft. Two Next-Generation Boeing 737-800 aircraft were returned to the lessors at the end of their operating lease.
To meet the surge in demand for travel and add capacity, flydubai signed an Aircraft, Crew, Maintenance and Insurance (ACMI) agreement with Smartwings for four wet leased aircraft in the last quarter of the year, which saw the carrier operate 78 aircraft across its network by the end of the year.
Maintenance and Engineering: flydubai received its CAR-145 Base Maintenance Approval from the General Civil Aviation Authority (GCAA) to perform C checks and Entry-into-Service for the airline’s Boeing 737 MAX aircraft; bringing the airline added operational and cost efficiencies. The first C check was completed in March 2022 and the first Entry-Into-Service in April 2022.
Codeshare partnership with Emirates: in November 2022, Emirates and flydubai celebrated five years of their strategic partnership which has enabled more than 11 million passengers to enjoy seamless connectivity across the joint network of 215 destinations in 98 countries.
Top Copyright Photo: Flydubai Boeing 737-8 MAX 8 A6-FKB (msn 61034) PAE (Nick Dean). Image: 959074.
flydubai aircraft photo gallery:
