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Khaleej Times
24-02-2025
- Business
- Khaleej Times
Dubai: Flydubai adds over 6,000 employees, posts record pre-tax profit of Dh2.5 billion in 2024
Flydubai on Monday announced that it added over 6,000 new workers last year as it posted record profit before tax in its 15-year history on the back of lower fuel costs and network expansion. The airline noted that its 'ongoing recruitment drive has resulted in an expanded workforce of 6,089 employees' as it grew its network to 131 destinations in 55 countries. The Dubai-based carrier reported a pre-tax profit of Dh2.5 billion — a 16 per cent growth compared to the previous financial year with total revenue of Dh12.8 billion, marking an increase of 15 per cent. Stay up to date with the latest news. Follow KT on WhatsApp Channels. Sheikh Ahmed bin Saeed Al Maktoum, chairman of flydubai, said the airline's business model is built on 'solid foundations". 'We have seen evidence of the positive impact flydubai has in the markets it operates. It stimulates free flows of trade and tourism and acts as a lifeline during challenging times,' he said. 'Our record-breaking financial performance, for the fourth consecutive year, demonstrates our continued ability to grow our business and navigate difficult economic and geopolitical challenges through planning, drawing on our strength to adapt and evolve to the changing market and customer needs,' said Ghaith Al Ghaith, CEO at flydubai. The carrier posted a 15 per cent rise in its EBITDA at Dh4.1 billion. Fuel cost accounted for 28 per cent of operating costs in 2024 compared to 32 per cent in 2023, due to a lower average fuel price. The airline reported a closing cash and bank balance (including pre-delivery payments) of Dh4.7 billion. The airline carried 15.4 million passengers in 2024, up 11 per cent compared to 2023. It added 10 new destinations. Delivery delays It received four Boeing 737 MAX 8 aircraft which were delivered in the first half of 2024. These aircraft were from the backlog of previous years and faced extensive delays. However, the airline said it did not receive 'any of the aircraft that were contractually scheduled to be delivered in 2024 due to ongoing challenges with Boeing's delivery schedule". Therefore, the carrier extended the lease on four Next-Generation Boeing 737-800 aircraft which were scheduled to be returned to the lessors to cater to new route networks. Flydubai's current order book stands at 127 Boeing 737 aircraft to be delivered over the next decade in addition to 30 Boeing 787 Dreamliners, following its first wide-body aircraft order valued at $11 billion, starting from 2027. Ghaith Al Ghaith expects 2025 to be 'another positive' growth year for the airline. 'Our strategic plans are highly influenced by the manufacturer's ability to deliver on their promise to bring the aircraft delivery schedules back on track and clear the backlog. Flydubai will receive 12 new Boeing 737s in 2025 to continue growing its fleet, replace some of its existing aircraft and support its network expansion plans,' he said in the annual statement. He assured that the airline can manage 'external challenges such as rising inflation, supply chain disruptions as well as geopolitical tensions.'
Khaleej Times
19-02-2025
- Business
- Khaleej Times
Etihad Airways announces Dh1.7 billion profit after tax in 2024
Etihad Airways today announced its results for the full year 2024, recording strong performance across all key metrics with a Dh1.7 billion profit after tax driven by Dh20.8 billion passenger revenue and Dh4.2 billion Cargo revenue, alongside significant operational efficiency improvements. The airline carried 18.5 million passengers last year, a 32 per cent increase from the previous year, reflecting strong and sustained demand across its expanding network. Strong top-line performance and continued improvements in unit costs drove a remarkable operating result, with EBITDA reaching Dh4.7 billion, a 32 per cent year-on-year increase. Profit after tax for FY24 more than tripled year-on-year, driven by strong momentum in the passenger business, a robust recovery in Etihad's cargo operations, and a significant reduction in net finance costs – down by almost Dh1 billion, or 80 per cent year-on-year – reflecting continuous balance sheet deleveraging supported by strong cash generation. Total revenue saw a remarkable year-on-year increase of 25 per cent to Dh25.3 billion. This growth was driven by a robust performance in both passenger and cargo business. Passenger revenue increased by Dh4.2 billion, or 25 per cent compared to 2023, reflecting an enhanced network and increased capacity. Cargo revenue rose by 24 per cent compared to last year, fuelled by increased capacity and volume (12 per cent increase in cargo leg tonnes carried), alongside improved yields in the second half of the year. In 2024, the airline expanded its operations to over 1,700 weekly flights and increased frequencies on 25 routes over the past two years. It also launched more than 20 new destinations, such as Boston, Jaipur, Bali, and Nairobi, alongside summer hotspots like Antalya, Nice, and Santorini, with over 10 of these cities set to begin operations in 2025. The airline's operating fleet continued to expand with the addition of 12 aircraft, including the introduction of a new fleet-type, with six A320 NEOs, and the re-entry into service of its fifth A380. Etihad now operates the youngest and most fuel-efficient fleet in the region, supporting its ESG strategy to minimise carbon emissions while enhancing its service offerings. Throughout 2024, Etihad strengthened profitability and expanded margins through an optimised fleet and network, improved efficiency, and a continued focus on productivity. The airline continued to strengthen its network through 126 interline, codeshare, and strategic partnerships, including a landmark partnership with China Eastern, the first of its kind between a Middle Eastern and Chinese airline, and a strategic partnership with SF Airlines to boost logistics capacity and network reach. Etihad had further increased operational efficiency, with CASK and CASK ex-fuel decreasing by 3 per cent and 4 per cent respectively. Increased efficiency is also evident in costs related to central functions, which grew much lower than capacity.
Khaleej Times
27-01-2025
- Health
- Khaleej Times
UAE: New stem cells research centre launched to boost market growth to Dh4.7 billion by 2030
The United Arab Emirates University (UAEU) has officially launched a pioneering Stem Cells Research Centre, marking a first in the country's academic landscape. The centre is aims to enhance local manufacturing capabilities and establish international partnerships to boost the stem cell market in the Middle East. The market is projected to grow from $711.8 million (Dh2.6 billion) in 2024 to $1.3 billion (Dh4.7 billion) by 2030. This growth is expected to be fueled by increased government investments and rising demand for innovative medical treatments. The lab aims to drive innovative stem cell research and therapies, marking a key milestone in the UAE's efforts to advance healthcare and establish itself as a global leader in regenerative medicine. It also aligns with the nation's broader ambitions to establish itself as a global leader in advanced medical sciences. The research facility is also fostering collaborations with key local and international partners, most notably the Abu Dhabi Stem Cells Centre, which has been working with UAEU since 2019. This partnership has helped fund innovative research projects, organise clinical trials, and facilitate knowledge exchange between researchers and experts. In her remarks during the inauguration, Prof Fatma Al Jasmi, acting dean of the College of Medicine and Health Sciences at UAEU, highlighted the importance of the new centre, saying, "The opening of the Stem Cell Research Centre is a significant achievement that reflects the university's vision to promote research innovation and build national capacities in medical sciences. "Through this centre, we aim to prepare a new generation of Emirati scientists capable of offering advanced medical solutions and solidifying the UAE's position as a global leader in regenerative medicine."
