Ryanair bullish on record annual profit

Thursday, 06 Nov, 2023 0

Ryanair Holdings reported a strong half-year profit of €2.18bn.

It was up on last year’s total of €1.37bn.

The airline credited a strong Easter in the first quarter and record summer traffic.

The summer demand saw higher fares which offset significantly higher fuel costs over the half year.

The airline is continuing to retrofit B737NG planes with scimitar winglets to reduce fuel burn while it took delivery of 26 fuel efficient Boeing 737 Max aircraft.

Ryanair’s half-year scheduled revenues increased 37% to €6.1bn while traffic grew 11% to 105.4m passengers.

Overall, fares were up 24% due to strong Easter and summer demand with ancillaries generated €2.5bn.

However, total operating costs increased by an identical percentage, mostly due to fuel costs.

The airline is targeting around 183.5m passengers for the full year although this will be dependent on Boeing delivering sufficient aircraft by the year-end.

It says forward bookings are strong into the peak Christmas travel period.

It expects a net airline profit of up to €2.05 billion for the full year which would be an all-time record.

Ryanair is set to pay its first ever dividend.

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TravelMole Editorial Team

Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.

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