Budget airline Ryanair posts record annual profit as passenger numbers soar above pre-Covid level

Core Insights - Ryanair reported its best-ever annual profit, with a profit after tax of 1.92 billion euros ($2.09 billion), a 34% increase year-on-year [1] - The airline's revenue rose 25% to 13.44 billion euros, serving 184 million passengers, which is 23% more than pre-Covid levels [1] - A share buyback program of 700 million euros was announced, reflecting a strong balance sheet [2] Financial Performance - Operating costs increased by 24% year-on-year, with jet fuel costs soaring by 32% [2] - The increase in passenger traffic and fares helped offset the rise in operating costs [2] Strategic Priorities - The company focused on restoring employee pay post-Covid, implementing pay increases, and reducing debt [3] - As of the end of the last year, Ryanair had 1.4 billion euros in gross cash, enabling the board to confidently return 700 million euros to shareholders in addition to the ordinary dividend program [3]