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Ryanair annual profit jumps on higher demand, fares

LONDON (AFP) – Irish no-frills carrier Ryanair yesterday said group net profit jumped a third to EUR1.92 billion in its financial year as higher demand and fares offset ballooning fuel costs.

Profit after tax climbed 34 per cent to the equivalent of USD2.1 billion in the 12 months to the end of March for the airline that flies mostly across Europe, Ryanair said in an earnings statement.

The Dublin-based carrier added that demand rose nine percent to almost 184 million passengers. Revenue jumped a quarter to EUR13.4 billion.

This helped offset a fuel bill up almost around a third to EUR5.1 billion.

Ryanair forecast it could fly up 200 million passengers in the current financial year, as the aviation sector continues a strong recovery after the world emerged from Covid lockdowns.

“The final outcome… will be heavily dependent upon avoiding adverse events,” chief executive Michael O’Leary said in the statement.

He added that the airline risked disruption to flights from the Ukraine and Gaza wars, in addition to “extensive air traffic control disruptions or further Boeing delivery delays”.