The United Arab Emirates' budget carrier flydubai, in its fifth year of operation, has turned a profit of $68 million out of total revenue of $1.2 billion last year.

The company's earnings report released Wednesday shows flydubai's profits were around 12 percent higher than in 2013. The fast-growing airliner added 23 new routes last year and now flies to 86 destinations in Europe, Africa, the Middle East and Asia.

Dubai International, where flydubai is based, handled 70.5 million passengers, making it the world's busiest airport for international passengers. The company says more than 7.5 million passengers flew on flydubai in 2014 compared to 6.8 million in 2013.

Flydubai operates 45 aircraft and has committed to purchasing more than 111 Boeing 737s that will be delivered by the end of 2023.