Ryanair, the budget carrier that is Europe's biggest airline in passenger volume, has clearly said goodbye to the pandemic era with a €1.4 billion profit for 2022, passenger traffic up to pre-pandemic levels and a thrifty move in fuel buying.
The Dublin-based airline reported the profit after a €335 million loss in 2021, and says that its passenger traffic rose to 170 million passengers, exceeding pre-pandemic levels and 74% above 2021. The airline says that its "market share has increased considerably in most EU markets."
Ryanair says its good results are due to the strong recovery in traffic, rising fares and a series of 'favorable oil hedges," a practice of buying fuel years in advance whenever prices are low, with the actual product delivered later. More than 80% of Ryanair's fuel was bought ahead of time, at lower prices.