The Irish low-cost airline Ryanair reaffirmed its objective to carry 225 million passengers annually by the end of its fiscal year 2026 (FY26), as the airline continues to produce promising result.
Ryanair generated €2.3 billion ($2.5 billion) in revenue in Q3 FY23, which ended on December 31, 2022. The airline ended the quarter with a profit of €202.1 million ($220.2) which included a €9 million ($9.8 million) exceptional charge.
The airline’s officials insisted repeatedly that the company is on pace to meet the profit guidance it provided in early January 2023, when it projected that its earnings for the fiscal year ending March 31, 2023, would be between €1.325 and €1.425 billion ($1.444 and $1.552 billion).
The fact that the Easter holidays will fall in April in 2023, however, is the main reason why the airline is anticipated to report a loss for the last quarter of the fiscal year.
Averaging €31 ($33.77) per passenger in Q3 FY23 and €30 ($32.68) for the first nine months of the same fiscal year, Ryanair was able to keep its costs (excluding fuel) in balance. However, fuel prices increased by 52% in the third quarter of FY23 compared to the third quarter of FY22, from €596.6 million ($650 million) to ($985.3 million).
The chief executives of the low-cost carrier claimed that the newest generation 737s will be the backbone of its objective to fly 225 million passengers yearly as the airline continued to receive 737 MAX aircraft from Boeing.
“That is going to be our 210 Gamechanger order book of which we had 84 of those aircraft in the fleet at the end of December, but we continue to see huge opportunities.
There has been a structural change in capacity across Europe and we are putting lots of traffic restoration, and traffic road deals in place all across Europe,” said Neil Sorahan, the Chief Financial Officer (CFO) of Ryanair Group.
Ryanair raised its earnings prediction for FY2023, citing high demand for air travel.