Low-cost airline Flydubai reports 47% profit rise

No-frills Dubai carrier says revenues hit $1bn in 2013

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The no-frills airline Flydubai says its revenues hit $1 billion in 2013, with profits soaring 47 percent compared with the previous year.

Flydubai, which operates low-cost flights to 66 destinations, said it carried 6.82 million passengers last year, an increase of 38 percent on 2012.

That helped push 2013 profits to $60.7m, with revenues hitting $1bn from $756m in 2012.

Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of Flydubai, said 2013 was a “remarkable year” for the airline.

“We started the year having achieved our first full year of profitability; we launched Business Class services across our network and to support our future growth we placed the largest single-aisle Boeing aircraft order in the Middle East,” he said in a statement.

The airline, based in Dubai, operates an average of 1,100 flights a week, and launched 17 new routes during 2013.

Flydubai is not listed but is one of several state-owned assets that could be floated on the stock markets in the future, according to Dubai finance chief Mohammed al-Shaibani quoted in The Telegraph.

The airline, along with full-service carrier Emirates and Dubai Airports, could be sold to the public in the future, Shaibani said, in a move that would likely raise billions of dollars.

Emirates however downplayed the report, saying that it is currently under “no instructions” to float, according to Sir Tim Clark, president of Emirates.