Ryanair has reported a fiscal first quarter net income of €170 million or 16.53 euro cents per share compared to a net loss of €273 million or (24.16) euro cents during the same period last year. The carrier reported Q1 FY22 revenue of €2.60 billion vs. €370 million in 2021.
On Monday (July 25, 2022), Ryanair reported their fiscal first quarter financial results for the period ending June 30, 2022. The carrier reported a first quarter net income of €170 million or 16.53 euro cent per share, compared to a loss of €273 million or (24.16) euro cents per share during the same period last year. Ryanair’s Q1 FY22 revenue increased year-over-year by 602 percent to €2.60 billion, versus €370 million during Q1 FY21. The airline’s fiscal Q1 traffic recovered strongly from 8.1 million in Q1 2021 to 45.5 million during the fiscal first quarter of 2022, an increase of 9.0 percent compared the pre-pandemic period.
In Monday’s announcment, Ryanair’s Michael O’Leary, said, in part,
“…Our decision to work with our unions and agree pay cuts to minimise job losses (and keep crews current) throughout the 2 years of Covid was vindicated in recent months, as many European airlines, airports, and handling companies struggled to restore jobs that were cut during the pandemic. Ryanair seems unusual among the major EU airlines in Summer 22, insofar as we are fully crewed, despite operating at 115% of our pre-Covid capacity. Our business, our schedules and our customers are being disrupted by unprecedented ATC and airport handling delays, but we remain confident that we can operate almost 100% of our scheduled flights, while minimising delays and disruptions for our guests and their families.
“Over the past 2-years, numerous airlines went bankrupt and many legacy carriers (incl. Alitalia, TAP, SAS and LOT) only survived by significantly reducing their fleets and passenger capacity, while receiving multi-billion-euro State Aid packages. These structural capacity reductions have created enormous growth opportunities for Ryanair to deploy our new, fuel efficient, B737 Gamechangers and our market share has increased significantly across major markets in Europe. With Boeing scheduled to deliver over 50 more Gamechangers ahead of S.23, we continue to recruit and train substantial numbers of pilots, cabin crew and engineers. Approx. 50% of S.23 capacity is now on sale and we recently announced a new base in Belfast Intl. (S.23), a 4th based aircraft in Venice (W.22) and the commencement of flights from Bologna-Forli (W.22). Thanks to our 210 B737 order book, and available fleet capacity, the Ryanair Group expects to grow from 149m (pre-Covid) passengers to over 225m p.a. by FY26...
“…Ryanair’s balance sheet is one of the strongest in the industry with a BBB (stable) credit rating (S&P and Fitch). Net debt at 30 June fell to €0.4bn (€1.45bn at 31 Mar.), and over 90% of the Group’s fleet of B737s are unencumbered. Despite peak capex this year and next, we still expect to improve the balance sheet to a broadly zero net debt position over the next 2 years. The strength of our balance sheet ensures that the Group is well positioned to exploit the many growth opportunities that exist in a post-Covid Europe…”
Ryanair Holdings, plc is Europe’s largest airline conglomerate and the parent company of Buzz, Lauda, Malta Air, and Ryanair DAC. The airline carries over 150 million passengers annually with more than 2,500 daily departures. Ryanair serves over 200 destinations in 40 countries with a fleet of 505 aircraft including 409 Boeing 737NGs, 67 Boeing 737-8200s and 29 Airbus A320s with Lauda. Currently, the low-cost carrier has nearly 150 Boeing 737-8200s on order, and will grow their fleet to 600+ aircraft by 2026. Ryanair has maintained a stellar safety record for nearly 40 years and prides itself on being “Europe’s greenest cleanest airline group,” promising customers a reduction in CO2 emissions of up to 50%, versus the “Big 4 EU major airlines.”
Source: Ryanair