On Monday, Ryanair reported its largest-ever after-tax profit for the first half of the fiscal year. Ryanair asserted that it could return to pre-pandemic annual profit levels of at least 1 billion euros (USD 993.80 million) this year.

The company’s CEO Michael O’Leary said that the recovery in traffic and profitability would likely stay robust for at least the next three years. Reportedly, Ryanair earned 1.371 billion euros (USD 1.36 billion) in the six months to September.

Ryanair also estimates an after-tax profit between 1 billion euros and 1.2 billion euros for the year to March 31. O’Leary added that concerns about the impact of the recession and soaring consumer price inflation on the company’s business model had been exaggerated in recent months.

Founded in 1984, Ryanair is an Irish ultra-low-cost carrier having its bases in Dublin and London Stansted airports. It is headquartered in Dublin and is Ireland’s biggest airline and one of the largest budget airlines in Europe.

The company’s shares rose on Monday after the budget carrier raised its expectations for full-year passenger forecasts.