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Ryanair Reports First Half 2023 Profit of €2.18 Billion or €1.91 per Share

Ryanair has reported a first half 2023 profit of €2.18 billion or €1.91 per share, up from €1.37 billion or €1.11 during H1 2022. The company’s Board has declared a €400 million dividend or €0.35 per share.


Ryanair Boeing 737-8200 'Gamechanger' - Courtesy Ryanair

On Monday (November 6, 2023), Ryanair reported their first half (H1) 2023 financial results for the period ending September 30, 2023. The carrier reported an H1 profit of €2.18 billion or €1.91 per share compared to €1.37 billion or €1.11 during the same period last year. Ryanair’s H1 2023 revenue increased year-over-year by 30 percent to €8.58 billion, and the company ended the first half with €840 million in net cash. Ryanair's Board has declared a dividend of €400 million or €0.35/share through an interim and final dividend of €200 million each, payable in February 2024 and September 2024, respectively.


In Monday’s announcement, Ryanair Group’s CEO, Michael O’Leary, said in part,


“…H1 scheduled revenues increased 37% to €6.1bn. Traffic grew 11% to 105.4m while ave. fares rose 24% to c.€58 due to a strong Easter and record S.23 demand. Ancillary revenue increased 14% to €2.5bn (c.€23.70 per passenger). Total H1 FY24 revenue therefore rose 30% to €8.6bn. Total operating costs increased 24% to €6.2bn, primarily due to much higher fuel costs (+29% to €2.8bn), higher staff costs (reflecting pay restoration, pre-agreed pay increases and higher crewing ratios as we invested in ops. resilience) and higher ATC fees (incl. airport & handling charges). Ryanair’s cost advantage over most of its EU competitors continues to widen, with H1 ex-fuel unit costs finishing just under €32.

Ryanair's First Half 2023 Financial Results - Courtesy Ryanair

“Our FY24 fuel requirements are almost 85% hedged at approx. $89bbl (a mix of forwards and caps) while our FY25 hedging has increased to just over 50% at approx. $79bbl. This will deliver savings of approx. €300m on the fuel already hedged for FY25. Over 90% of FY24 €/$ opex is hedged at 1.08 and almost 50% of FY25 is hedged at 1.12. This strong hedge position leaves us very well protected from recent short term fuel price volatility which many competitors are more, or fully, exposed to…


“…Ryanair’s balance sheet remains one of the strongest in the industry with a BBB+ credit rating (both S&P and Fitch) and over €3.6bn gross cash at period end, despite €1.6bn capex and over €1bn debt repayments (incl. a maturing €750m bond & €260m prepayment of our RCF in Aug.). Net cash was €0.84bn at 30 Sep. (€0.56bn at 31 Mar.). All of the Group’s owned B737 fleet (534 aircraft) are unencumbered, which significantly widens our cost advantage over competitor airlines who are heavily exposed to rising interest rates and rising aircraft lease costs….”


Ryanair Holdings, plc is Europe’s largest airline conglomerate and the parent company of Buzz, Lauda, Malta Air, and Ryanair DAC. The airline carries over 150 million passengers annually with more than 2,500 daily departures. Ryanair serves over 200 destinations in 40 countries with a fleet of 563 aircraft including Boeing 737NGs, Boeing 737-8200 Gamechangers and Airbus A320s with Lauda. Ryanair has maintained a stellar safety record for nearly 40 years and prides itself on being “Europe’s greenest cleanest airline group,” promising customers a reduction in CO2 emissions of up to 50%, versus the “Big 4 EU major airlines.” The company continues to grow across Europe and plans on carrying 300 million passengers annually by FY 2034.


Source: Ryanair

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