Ryanair annual profit jumps on higher demand, fares

Ryanair annual profit jumps on higher demand, fares

The Dublin-based carrier said demand rose nine percent to almost 184 million passengers
The Dublin-based carrier said demand rose nine percent to almost 184 million passengers. Photo: David GANNON / AFP/File
Source: AFP

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.

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.

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

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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".

Source: AFP

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