Ryanair has announced an annual profit of £1,24 billion (R29,55bn) after a bounce-back in travel demand and higher fares, reports The Irish News.
The carrier’s profit for the 12 months to March 31, 2023 compares with a nett loss of £309 million (R7,37bn) for the previous year. The profit was boosted by passenger load factors up more than 10% to 92%, while it carried 168,6 million passengers, according to travelmole.com.
Announcing the annual results, Ryanair Group CEO, Michael O’Leary, emphasised the airline’s cost pressures over the year ahead, with the company’s fuel bill expected to increase by over £869 million (R20,71bn) due to higher oil prices.
O’Leary said he was cautiously optimistic that the airline could grow profits modestly over the year ahead, expecting the recovery in travel and higher fares to help offset the fuel bill hit.
