Ryanair, the first airline in Spain by number of passengers (more than 52 million in 2023), raised the price of plane tickets by 21% in its last fiscal year, between April 2023 and March 2024. This is what The Irish low cost company includes in its results note, published this Monday. The increase brought the average rate to 49.80 euros.
The higher prices, together with a 9% increase in passenger traffic (183.7 million), have boosted the company’s income to 13,440 million euros, 25% above the previous year. It also skyrocketed profits by 34%, resulting in profits of 1,920 million euros. It thus joins the long list of tourism companies with record results thanks to a travel euphoria that does not wane.
Spain is the focus of this unstoppable tourism business – it could reach 100 million foreign visitors this year – and for Ryanair it is already its second market only behind Italy. The country contributes 2,416 million euros to its turnover, 19% of the total, ahead of the United Kingdom (2,031 million).
For this summer, ticket prices could remain stable or slightly higher, the group’s CEO, Michael O’Leary, said in a conference with analysts. It could be the case that the rise in travel prices has peaked, although the airline has not given an explanation for this possible stagnation in rates. “The latest prices are lower than we expected,” O’Leary said. “I can’t really explain why,” he continued, “other than there is a bit of consumer resistance and most airlines do promotions during April, May and June” to stimulate demand. All in all, Ryanair expects a “strong” summer season.
For the entire fiscal year, the airline expects to transport between 198 million and 200 million passengers, 8% more, despite the uncertainty over deliveries of new Boeing aircraft.
The delays of the American manufacturer, which has suffered serious safety problems in recent times, are slowing the growth of some companies, including the Irish low cost, which could go even faster if Boeing met the schedule.
