The airline served 184 million passengers, up 23% during the coronavirus pandemic.
Airline carrier Ryanair reported its best ever annual profit as growth in passenger traffic and revenue offset a sharp rise in operating costs. CNBC reported this.
It said profit after tax for the full year to March 2024 jumped 34% to 1.92 billion euros ($2.09 billion), while revenue rose 25% year-on-year to 13.44 billion euros.
The company served 184 million passengers, an increase of 23% during the Covid pandemic. Increased traffic and higher fares have helped Ryanair overcome rising costs, with operating costs up 24% year-on-year and jet fuel costs up 32%.
Ryanair also announced a €700 million share buyback program.
“Our priorities are very important: to continue paying our employees after Covid, to give wage increases, to pay the debt… We are paying the bonds, we have 1.4 billion in total cash at the end of last year, and that is why the board of directors We are now confident that, in addition to the normal dividend program, we will be able to return 700 million to shareholders,” said CFO Neil Sorahan in an interview with CNBC’s Squawk Box Europe .
We remind you that the Irish low-cost airline Ryanair has announced a commitment to resume flights to/from Ukraine at low fares for eight weeks after the opening of Ukrainian airspace.
It was previously reported that Ryanair was hiring Ukrainian pilots and flight attendants to prepare to return to Ukraine after the end of the Russian invasion.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.