Ryanair has reported another profitable year-end, with profit growth up 34% to €1.92bn, compared to FY23, and traffic up 9% to 184 million passengers.
The low-fare carrier’s growth was not stifled by increased operating costs, up 24% on last year, and a higher fuel bill, which rose by 32% due to hedged oil prices rising from US$65bbl to $89bbl in FY24. Ancillary sales increased 12% to €4.30bn, and its total revenue increased to €13.44bn, up 25% from €10.78bn last year.
To protect itself from fuel price volatility, Ryanair CEO Michael O’Leary said that the airline had over 70% fuel hedged at under $80bbl, locking in around €450m savings on fuel for FY25.
Photo: Ryanair
Fleet and growth
Ryanair aims to increase its fleet of B737 aircraft to 158 by the end of July, although it remains 23 aircraft short of its promised deliveries due to Boeing delays.
O’Leary said that Ryanair would continue to work with Boeing’s CEO and its Seattle management team but warned that “there remains a risk that Boeing deliveries could slip further”.
“We plan to deliver as much growth as possible for passengers and airport partners in S.24, although these delays mean more traffic growth will occur in lower-yielding H2 than planned,” he added.
To increase growth, O’Leary said that the airline would continue to take delivery of B737s throughout July, August and September, with its Lauda business extending operating leases on three A320s until 2028.
Ryanair’s summer 2024 operating schedule is its largest ever, with over 200 new routes and five new bases, despite short-haul capacity constraints from airlines with P&W engine groundings and OEM delivery backlogs.
