Irish low-cost airline Ryanair reported Monday (May 20) that they had their best-ever annual profit as passenger and revenue growth increased since the end of the COVID-19 pandemic.
The firm reported that its full-year profit after tax increased by 34% to EUR 1.92 billion ($2.09 billion) and announced a EUR 700 million ($761.18 million) share buyback scheme.
Ryanair CFO Neil Sorahan told CNBC that the share buyback reflected what the company claimed was a "very strong" balance sheet.
Year-on-year, the airline's revenue rose by 25% to EUR 13.44 billion ($14.61 billion) while serving 184 million passengers, a 23% increase from its statistics before the COVID pandemic.
With such a surplus in air traffic and fare increases, Ryanair overcame spiking costs such as operations (24% YoY) and jet fuel (32% YoY).
The airline projected that if the planes it ordered from Boeing arrived on schedule, it would serve up to 200 million people this year.
Sorahan also told Reuters that Seattle's new Boeing production team delivered planes with "a bit more consistency" despite the air manufacturer's mounting controversies.
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