Flydubai, Boeing reach settlement deal for grounded Maxs

Flydubai reported Wednesday Dh198.2m in profits for 2019, marking a return to profitability after recording Dh159.8m in losses in 2018. The profits came even as revenues declined by 2.6% to Dh6b for the year, compared to Dh6.2b a year earlier, and passenger numbers fell nearly 13% to 9.6m last year from 11m. Flydubai said that it benefited from an interim settlement agreement with Boeing for some compensation for its 14 grounded 737 Max jets. Ghaith Al Ghaith, CEO at flydubai, did not disclose how much the carrier received from Boeing for having to ground its Max jets amid software issues with the model. Boeing’s 737 Max model has been grounded for about a year now across the globe after two fatal crashes involving Max jets belonging to Lion Air and Ethiopian Airlines. “We have concluded an interim settlement agreement with Boeing for certain compensation due to flydubai in relation to the grounding of the Boeing 737 Max. The details of the interim settlement agreement remain confidential,” he said.<br/>