Portugal Colonial - Ryanair annual profit jumps on higher demand, fares

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Ryanair annual profit jumps on higher demand, fares / Photo: David GANNON - AFP/File

Ryanair annual profit jumps on higher demand, fares

ECONOMY 20.05.2024

Irish no-frills carrier Ryanair on Monday said group net profit jumped a third to 1.92 billion euros in its financial year as higher demand and fares offset ballooning fuel costs.

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Profit after tax climbed 34 percent to the equivalent of $2.1 billion in the 12 months to the end of March for the airline that flies mostly across Europe, Ryanair said in an earnings statement.

The Dublin-based carrier added that demand rose nine percent to almost 184 million passengers. Revenue jumped a quarter to 13.4 billion euros.

This helped offset a fuel bill up almost around a third to 5.1 billion euros.

Ryanair forecast it could fly up 200 million passengers in the current financial year, as the aviation sector continues a strong recovery after the world emerged from Covid lockdowns.

"The final outcome... will be heavily dependent upon avoiding adverse events," chief executive Michael O'Leary said in the statement.

He added that the airline risked disruption to flights from the Ukraine and Gaza wars, in addition to "extensive air traffic control disruptions or further Boeing delivery delays".

V.F.Barreira--PC

Portugal Colonial - Ryanair annual profit jumps on higher demand, fares

Ryanair annual profit jumps on higher demand, fares

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