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Ryanair Profits Surge By More Than a Third Despite Boeing Aircraft Woes and Strikes Across Europe

Ryanair Profits Surge By More Than a Third Despite Boeing Aircraft Woes and Strikes Across Europe

a plane on the runway

European low-cost airline Ryanair reported a full-year profit for 2023/2024 of €1.92 billion on Monday – 34% higher than the year before, despite delays in receiving new high-density Boeing 737MAX aircraft from the beleaguered aircraft manufacturer and thousands of flight cancellations caused by air traffic control strikes across Europe.

Ryanair carried more than 183 million passengers in 2023, which beat pre-pandemic passenger numbers, and made a staggering €13.44 billion in revenue – around a quarter more than it made in 2022.

Despite delivery delays of its ‘game changer’ Boeing 737-8200  aircraft, Ryanair says it plans to operate its largest-ever Summer schedule and will take advantage of constrained capacity due to rivals grounding Airbus A320 aircraft due to ongoing issues with Pratt & Witney turbofan engines.

Ryanair also says that airline consolidation will further help its business by further constraining capacity. As it stands, Lufthansa is trying to convince the EU to let it acquire Italian flag carrier ITA Airways, while Madrid-based IAG wants to acquire Air Europa and TAP Air Portugal could be next to be sold.

Dublin-based Ryanair has so far taken delivery of 146 high-density 737-8200s and plans to take delivery of 12 more by the end of July. That, however, remains 23 down on what Ryanair was expecting to deliver from Boeing.

While the airline says it is continuing to work with the Boeing management team to “improve quality and accelerate B737 aircraft deliveries”, there remains a risk that “deliveries could slip further”.

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