Ryanair has reported a fiscal third quarter net profit of €15 million on a year-over-year increase in revenue of 17 percent to €2.72 billion. For the nine month period ending December 31, 2023, Ryanair reported a net profit of €2.19 billion.
On Monday (January 29, 2024), Ryanair reported their financial results for the fiscal third quarter and nine month period ending December 31, 2023. For the third quarter, the carrier reported a net profit of €15 million on a year-over-year increase in revenue of 17 percent to €2.72 billion. This compares to a net profit of €211 million in Q3 FY23, as higher fuel costs offset revenue gains in Q3 FY24. For the first nine months of FY24, Ryanair reported a net profit of €2.19 billion on a 26 percent increase in revenue versus 9M 2023 to €11.27 billion.
In Monday’s financial announcement, Ryanair Group’s CEO, Michael O’Leary, said in part,
“In Dec., MSCI upgraded Ryanair’s ESG rating to an industry leading ‘A’ (from ‘BBB’) and we remain ranked Europe’s No.1 airline for ESG by Sustainalytics. Our new aircraft technology and increasing use of SAF has positioned Ryanair as one of the EU’s most environmentally efficient major airlines. In Q3 we took delivery of 12, new B737-8200 “Gamechangers” (4% more seats, 16% less fuel & CO2). We continue to retro-fit winglets on our B737NG fleet (target 409 by 2026), reducing fuel burn by 1.5% and cutting noise emissions by 6%. We recently expanded our SAF partnerships with ENI to supply Ryanair’s Italian bases, and we remain on track to achieve our Group’s ambitious 2030 goal of powering 12.5% of Ryanair flights with SAF (10% supply now secured).
In 2023 Europe suffered 67 days of ATC strikes (13 times more than in 2022), forcing airlines to cancel thousands of flights to/from Germany, Spain, Italy and the UK while France in particular uses minimum service laws to protect French local/domestic flights. We continue to call for urgent reform of Europe’s inefficient ATC system which would deliver the most significant environmental improvement in EU air travel. Sadly, there has been no action from the EU Commission. We again call on President Ursula von der Leyen to defend the single market for air travel by protecting 100% of overflights during national ATC strikes, as is already the case in Greece, Italy and Spain…”
“…At the end of Q3, Ryanair had taken delivery of 136 B737 Gamechangers. We expect to have up to 174 of these aircraft in our fleet by late June for peak S.24 (+50 from S.23), which would be 7 short of our contracted deliveries. There remains a risk that some of these deliveries could slip further. We’ve a bumper S.24 schedule on sale with 169 new routes (total 2,600 routes), incl. our first 11 domestic routes in Morocco. While travel demand remains high, we expect S.24 EU short haul capacity to be behind S.23 as competitors ground A320 aircraft in Europe due to the P&W engine issues (and expect these disruptions will run into 2026). We therefore encourage customers to book early on www.ryanair.com to secure the lowest fares for S.24 before they sell out.
“We continue to work closely with Boeing to minimise delivery delays and improve quality control in both Wichita and Seattle. While the recent MAX-9 grounding was a disappointing setback, we don’t expect it to affect the MAX-8 fleet or the MAX-10 certification. We visited Seattle in Jan. and met with Boeing senior management. Boeing are increasing their QA resources in Wichita and Seattle. We have run extra checks on our recent B737 deliveries and have noted improvements in quality with fewer delivery defects. However, Boeing have more work to do to improve quality, reduce delivery delays, and we fully support the initiatives that Dave Calhoun (CEO) and Brian West (CFO) are taking to improve Boeing’s performance and production…”
At December 31, 2023, Ryanair had €2.9 billion in gross cash, despite €1.9 billion in CAPEX and €1.1 billion in debt payments, and net cash totaling €150 million. All of the carriers owned fleet of 546 Boeing 737s are unencumbered.
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 nearly 600 aircraft including Boeing 737NGs, Boeing 737-8200 Gamechangers and Airbus A320s with Lauda. 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.’ The company continues to grow across Europe and plans on carrying 300 million passengers annually by FY 2034.
Source: Ryanair