Flydubai 2014 Net Profit Up 12.3% On Expanded Network

Budget carrier flydubai posted a 12.3 per cent increase in 2014 net profit as the Dubai-based airline further expanded its network, it said on Tuesday.

Flydubai made a net profit of Dhs250 million ($68.1 million), with revenue growing 19.1 per cent year on year to Dhs4.4 billion in the 12-month period, its fifth year of operations, the carrier said in a statement.

A total of 7.25 million passengers travelled with flydubai during the year as it added 23 new routes, taking its network to 86 destinations, it said, adding it also increased frequency on existing routes such as Beirut, Kuwait and Muscat.

Along with Dubai’s other carrier Emirates, flydubai has been benefiting from the emirate’s push to develop itself into a key transport and tourism hub between Asia, Europe and Africa.

Flydubai said it expects to take delivery in 2015 of the last of its 50 Boeing 737-800s ordered in 2008, while the first delivery of 737 MAX 8s, 75 of which were ordered in late 2013, is expected in early 2017.

Currently, the airlines has hedged 30 per cent of its fuel requirements for 2015. It did not state the price of the hedge.