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Ryanair Reports Record €1.92 Billion Profit Driven by 21% Rise in Fares and Passenger Numbers

May 20, 2024, 12:59 PM

Ryanair has reported a record annual profit driven by a surge in passenger numbers and higher fares. The Irish budget airline's net profit jumped by a third to €1.92 billion in its financial year, despite facing increased fuel costs. This growth was supported by a 21% rise in average fares to €49.80 and a record 184 million passengers flown over the year. CEO Michael O'Leary noted that higher fares covered the increased fuel costs, contributing to the record profits. However, he also mentioned a 'recessionary feel around Europe' that could slow growth in airfares. Despite the strong performance, Ryanair has indicated that summer fares might be lower than expected due to poor demand. Ryanair's shares are up 14% since 2020.