On Monday, November 7, Ryanair posted its highest-ever half-year profit of €1,37bn (R24,6bn) for the six months to September, beating its previous record high of €1,15bn (R19,8bn) in 2019. During the most recent period, it carried 95,1 million passengers, 11% higher than the same period in 2019.
The airline now expects to carry 168 million passengers in the 12 months until March next year, 13% higher than the year before the COVID-19 pandemic.
The carrier avoided staff shortages over the European summer period, and CEO, Michael O’Leary, said cuts by rivals to fleets and passenger capacity had created enormous growth opportunities.
About recession concerns O’Leary added: “Ryanair grows more strongly in a recession because we have a huge cost advantage over our competitors. That cost advantage is widening, and people becoming more price sensitive turn to us.”
Its strong earnings mean the company will reverse pandemic pay cuts for over 90% of its pilots and cabin crew from next month. “These long-term pay agreements with the vast majority of our people have now delivered fully restored pay 28 months earlier than previously agreed,” O’Leary said.
Despite the strong results, he said Ryanair’s recovery remained fragile and prone to shocks from new COVID variants and the war in Ukraine.
