Wednesday, March 4, 2015

Flydubai 2014 net profit up 12% to $68 million

Dubai-based low-cost-carrier (LCC) flydubai posted a full-year net profit of AED250 million ($68 million) for 2014, up 12.3% year-over-year (YOY) from the carrier’s AED222.8 million net income in 2013. Full-year revenue was AED4.4 billion, up 18.9% YOY.

Ancillary revenue made up 14.4% of the airline’s total annual revenue. Fuel continued to be the company’s largest expense and accounted for 36% of flydubai’s 2014 operating expenses, down 3.5 points from 2013. Thirty percent of flydubai’s fuel requirements for 2015 are hedged, the company said.

Flydubai Cargo’s full-year revenue grew 11.8% YOY. The airfreight branch secured ACC3 EU certification in 2014 and plans to expand beyond current routes into Europe. The cargo carrier reported its busiest routes in 2014 were Colombo (Sri Lanka), Doha, Juba (South Sudan), Kiev, Kuwait and Muscat (Oman).

Flydubai reportedly carried 7.25 million passengers in 2014, up 6.3% YOY, with the greatest rise coming from passengers to/from Central Asia (up 57% YOY). The carrier added 23 new routes in 2014, increasing its network total to 86 destinations with 1,400 flights per week. Eight Boeing 737-800 NG aircraft were delivered to flydubai in 2014; as of Dec. 31, the carrier’s operational fleet comprised 43 aircraft.

“Recording its profitability for the third consecutive full-year, the 2014 results show that [our] recent order for more aircraft, as well as investments in the offering on the ground and in the air, have been the right strategy for the airline,” flydubai chairman Sheikh Ahmed Bin Saeed Al Maktoum said.

(Mark Nensel - ATWOnline News)

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