How do low cost airlines, example being Ryanair, make such high profits yet sell flights for so cheap?

Question

I fly around Europe for €30-€100 per return flight without a checked bag. Yet Ryanair are one of the most profitable airlines in the world yet charging such cheap prices. Are other airlines just not as efficient as low cost airlines?

In: Economics

Answer 1

I have been sitting next to people on these flights that paid like €20,- where I paid like €275,- for the same flight but booked at a different time.