Ryanair announce near record profits

Ryanair profits rebound to €1.4 billion as bookings soar.

After reporting a loss of €355 million last year, Ryanair has bounced back to announce near-record-breaking profits of €1.4 billion this year.

The yearly profits mean the airline made just over €40 per second.

The low-cost airline will carry a record number of passengers this year as bookings have soared.

Passenger numbers have increased and are estimated to be 186 million this year.

This is helped by the airline’s largest-ever summer schedule covering almost 2,500 routes and 3,000 daily flights

Michael O’Leary, chief executive of the airline said: “To date, summer 2023 demand is robust and peak summer 2023 fares are trending ahead of last year.”

“First-quarter fares, which benefited from a strong Easter in April – and a very weak previous year comparable due to Russia’s invasion of Ukraine – will be significantly higher than the first quarter of 2022-23.”

The Irish airline recently committed to a spend of €40 billion with an order of new Boeing 737-Max-10 aircraft.

This spend is the largest ever for an Irish company for US-based manufactured goods.

The order will see Ryanair receive 150 Max-10 planes, with an option for another 150 aircraft. The order should be delivered between 2027 and 2033. 

The airline expects the order to create 10,000 jobs as well as allow its passenger numbers to grow to 300 million a year by 2034.