Dubai's budget carrier FlyDubai reports a record-breaking $572 million profit in 2023

DUBAI, United Arab Emirates — 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 Thursday.

The state-owned carrier, based in the business and tourism hub of Dubai in the United Arab Emirates, reported revenue of $3 billion, compared to $2.5 billion the year before. It also carried 13.8 million passengers, beating its prior pre-pandemic record of 11 million in a year.

It saw a profit of $327 million in profit 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, the world's busiest for international travel. The airport just announced that it beat its own pre-pandemic figures for 2023, though it remains just shy of its all-time-highest figures of 89.1 million passengers in 2018.

FlyDubai had been one of the biggest customers of the 737 Max. The Boeing 737 is a workhorse for the airline, which along with long-haul carrier Emirates is owned by the government’s Investment Corporation of Dubai. The two carriers also operate code-share flights, increasing traffic on FlyDubai routes.

FlyDubai also has 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.

FlyDubai has a fleet of 84 aircraft and flies to 122 locations in 52 countries.