Irish carrier Ryanair (RYAAY) has announced that it will pay its first ever dividend to shareholders following record results that saw its profit rise 59%.

Ryanair said it would spend 400 million euros (C$587 million) on dividend payments in 2024, allocating the payments to shareholders in February and again in September of next year.

The dividend payment for the entire year works out to 1.57 euros (C$2.57) per share based on the company’s current number of outstanding shares.

Going forward, the company plans to return approximately 25% of its after-tax profit to shareholders in the form of dividend payments.

The announcement of an inaugural dividend comes after Ryanair posted a record profit of 2.18 billion euros (C$3.20 billion) for the six months ended Sept. 30.

The company attributed the profit boost to airfares that rose 24% during the summer months. Ryanair’s latest profit was 59% higher than a year earlier.

The stock of Ryanair jumped 10% higher in pre-market trading on news of the dividend payment. Prior to today, the airline’s stock had risen 32% over the last 12 months to trade at $94.29 U.S. per share.