Sign InRyanair Reports Record Profit as Passenger Numbers Surge
Alex Vellor
Ryanair has reported its best-ever annual profit, boosted by a rise in passengers and revenue despite higher operating costs.
In the fiscal year ending March 2024, the budget airline's profit after tax surged 34% to €1.92 billion ($2.09 billion). Revenue also saw a significant increase of 25%, reaching €13.44 billion. Ryanair served 184 million passengers, a 23% increase from pre-Covid levels. This growth helped offset a 24% rise in operating costs and a 32% increase in the jet fuel bill.
The airline announced a €700 million share buyback program, reflecting its robust financial health. CFO Neil Sorahan emphasized the company’s focus on restoring employee pay post-Covid, increasing wages, and reducing debt. Ryanair ended the fiscal year with €1.4 billion in gross cash, bolstering the board's confidence to return money to shareholders.
| Metric | FY End March 2024 | YoY Change |
|---|---|---|
| Profit After Tax | €1.92 billion | +34% |
| Revenue | €13.44 billion | +25% |
| Passengers Served | 184 million | +23% |
| Share Buyback Program | €700 million |
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Alex Vellor
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