Dubai-based airline flydubai has reported a net profit of AED 250 million ($68 million), an increase of 12.3 percent compared to 2013 with total revenue of AED 4.4 billion ($1.2 billion) for the 12-month period that ended 31 December 2014. The carrier increased its African routes by 100 percent in the period under review, showing significant growth on the continent.

“2014 saw flydubai open up a record number of new routes in what was a demanding year. To have achieved what we have achieved is significant,” said Ghaith Al Ghaith, Chief Executive Officer of flydubai.

Al Ghaith said the company’s business had been strengthened by its continued investment in its workers and operations, and has well positioned it for sustained future growth. “It is good to see that more passengers than ever before are travelling with us.”

Flydubai lifted 7.25 million passengers in 2014, recording a 14 percent increase in passenger numbers between 2013 and 2014 in Africa, its second largest in the world. It recorded a 57 percent increase in Central Asia, 11 percent in Europe and the Subcontinent (11 percent).

The five-year-old airline has continued its strategy to diversify its sources of funding. It issued a landmark debut Sukuk transaction successfully last November raising $500 million. The 5-year Sukuk was six times oversubscribed demonstrating the strong international investor appetite for this paper, a release by the company says. Funds will be used for general corporate purposes and refinancing.

Having experienced a successful 2014, Al Ghaith expects 2015 to be a better year, as the carrier continues expanding its fleet which currently stands at 43. “We will end 2015 with a fleet of 50 aircraft. Together with the new route launches this is an endorsement of the strategy we set out at the beginning and underlines the achievements of the past six years. I’m grateful to the team at

“We will end 2015 with a fleet of 50 aircraft,” the CEO said, adding that more routes will be added to the existing 86. I’m grateful to the team at

He expressed gratitude to the team at flydubai for its hard work “helping us to ensure that we are well positioned for sustained growth in the years ahead….”