Ryanair Holdings RYAAY announced plans to open a new base in Madeira, Portugal during summer 2022. With two based aircraft and an investment of $200 million, this will be RYAAY’s fifth base in Portugal.
This new base will widen Ryanair’s connectivity, with 10 new routes connecting Madeira with several European destinations, including mainland Portugal, throughout the year. With this, the carrier will offer more than 40 flights per week.
The 10 new routes to Madeira, include services from Brussels Charleroi, Dublin, Lisbon, London Stansted Airport, Manchester, Marseille, Milan Bergamo, Nuremberg, Paris Beauvais and Porto. The services, set to launch during summer 2022, are expected to attract substantial traffic.
Ryanair Holdings PLC Price
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Ryanair’s CEO, Eddie Wilson, said, “This $200m investment will not only boost Portugal’s economy by driving vital tourism but will also create more than 60 direct jobs in the region and over 400 on-site jobs in Madeira.”Wilson further added, “At a time when other airlines are reducing their fleets and closing bases, we are delighted to continue to invest in both our people and airports in Portugal.”
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Ryanair carries a Zacks Rank #4 (Sell).
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Ryanair Holdings PLC (RYAAY): Free Stock Analysis Report
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