Irish low-cost airline Ryanair reported a 34% year-on-year increase in net profit to USD 2.1 billion for the past financial year ended March 31, 2024. In comparison, net profit for the previous year ended March 31, 2023 was USD 1.4 billion.
Total operating expenses rose 25% to USD 14.6 billion versus USD 11.7 billion for the financial year ended March 31, 2023.
Despite delayed deliveries of Boeing aircraft, Ryanair saw its traffic increase by 9% on the year to 183.7 million.
„Airline ticket prices this summer will rise at a much slower rate than expected,” said Ryanair CEO Michael O'Leary.
Ryanair's flight fare increases will mostly depend on last-minute bookings people can make, with the airline expecting no to modest increases in flight ticket prices.
„It's a bit surprising that pricing isn't higher, and we're not quite sure if it's just consumer sentiment or a sense of recession in Europe, but we still see that peak travel demand is definitely in July and August strong“, O'Leary said.
„And if we have to concede or reduce tariffs to fill up to 94% load factor in April, May and June, we will do it,” he added.
The airline's total assets increased by 4.7% year-on-year to USD 18.7 billion at the end of the financial year.
Ryanair expects to increase its passenger traffic by 8% from 198 million to 200 million passengers in the fiscal year ending March 31, 2025