The Irish low-cost airline Ryanair announces significantly increased results, driven by “record” traffic this summer and rising prices. Turnover increased in the first half by 37% to 6.1 billion euros. Prices increased by 24% to around €58 on average due to rising costs and record demand.
A profit of more than 2 billion euros
Its net profit reached 2.2 billion euros for the last six months, up 72% compared to the same period in 2022. The result is marked by a “strong Easter period in the first quarter, a record summer traffic and higher fares which offset significantly higher fuel costs during the half-year,” Ryanair said in a press release.
Traffic increases by 11%
Traffic increased by 11% year-on-year to reach 105 million passengers, and fares by 24%, resulting in average revenue per passenger increasing by 17%. Operating revenues thus enabled Ryanair to offset the 24% increase in its operating costs, mainly linked to the increase in fuel prices but also its personnel costs and air traffic control costs.
Ryanair targets more than 180 million passengers by 2023
For the year 2023, Ryanair continues to target traffic of around 183.5 million passengers, an increase of 9%. It expects an after-tax profit of between 1.85 billion and 2.05 billion euros.