Dubai-based carrier Flydubai said profit reached a record high of 2.1 billion UAE dirhams ($572 million) in 2023, rising 75% year-on-year, as passenger numbers surged 31% annually to 13.8 million.

Annual revenue rose 23% to AED 11.2 billion last year from AED 9.1 billion in 2022, the budget airline said in a statement on Thursday.

Due to elevated prices, fuel remains the single highest operating cost, accounting for 32% of total annual operating costs. The airline hedged 12% of its fuel requirement last year.

Flydubai launched 17 routes, ending 2023 with a network of 122 destinations in 52 countries. The airline took delivery of 13 new aircraft, as fleet size reached 84 by the end of 2023. 

The airline workforce reached 5,545, with over 1,000 new colleagues joining various departments last year.

Flydubai will take delivery of 12 Boeing 737 MAX aircraft in 2024, CEO Ghaith Al Ghaith said, adding it will increase capacity on existing routes as demand for travel across its network returns to pre-pandemic levels.

(Editing by Brinda Darasha; brinda.darasha@lseg.com)