The Dublin-based company attributed their profit increase to the “strong” hike in activity during the Holy Week and the coronation of Charles III in May.

Ryanair has also recovered from the fall in passenger traffic that the sector recorded after the Russian invasion of Ukraine in February 2022, which reduced profits for the 1st trimester of that year to just 170 million euros.

The air carrier has announced they’d transported 50.4 million passengers between April and June, over 11% more than this time last year. The load factor, meanwhile, which measures the seat occupation rate for each flight, rose three points to 95%.

At the same time, the leader in European low-cost flights increased their revenue to 3.65 billion euros, 40% more than what it was at the end of March.

In this sense, revenue per passenger grew 27% at the same time after the average ticket fare rose 42% to 49 euros, and complementary revenues like priority boarding and in-flight meals grew by 4%.

On the other side, the airline’s costs grew by 23% to 2.94 billion euros due to mostly the price of fuel and the rise in labour costs and air traffic control fees.

Meanwhile, Ryanair made sure their fuel needs would be met as they acquired 85% ahead of time at the price of 89 dollars a barrel.

Ryanair CEO Michael O’Leary added in a statement that he hopes to hit a passenger traffic volume of about 183.5 million people until March of next year, a 9% increase, although earlier estimates would have put the goal at 185 million.

The company manager alerted that the airline could be late on their initial expectations due to delays in the delivery of new aircraft by Boeing in “the Spring or Autumn of 2023.”

O’Leary guaranteed that this factor along with the “volatility” of fuel prices and the “risk of demand dropping in the Winter, impedes the company from making economic predictions for the second half of the fiscal year.

In the meantime, O’Leary declared Ryanair to be “cautiously optimistic” about the “modest” increase in its liquid profits against the previous fiscal year, in which they brought in 1.428 billion euros.