TAP announced this Wednesday, in statementa record profit of 177.3 million euros in 2023, achieving the best annual net results ever.
The air carrier reports that this profit represents an increase compared to the previous year, in which the net profit was 65.3 million euros.
However, the result falls short of the 203 million euros recorded until September, as the carrier recorded a loss of 26 million euros in the last quarter of last year.
According to the executive president, Luís Rodrigues, “the good results in 2023 confirm the recovery path taken in recent years by TAP”.
Operating revenues in 2023 also reached the highest value ever in the Group’s history, reaching a value of 4.2 billion, an increase of 730 million (+20.9%) compared to 2022.
In 2023, TAP recorded a Recurrent EBITDA (net profit plus interest paid, taxes, depreciation and amortization) of 871.6 million, with a margin of 21%.
TAP ended the year with a strong liquidity position”
The Portuguese air carrier ended the year with “a strong liquidity position” of 789.4 million euros, “reinforcing the deleveraging path with an improvement in the Net Financial Debt / EBITDA ratio on December 31, 2023”, says the note .
The company also states that this year “the strategy to transform TAP into a structurally sustainable airline will continue to be implemented”, improving operations and “strengthening the focus on key markets” and “managing pressure on costs”.
In the statement, TAP’s executive president highlights “the increase in punctuality and regularity in the second half of the year, as well as the NPS (which measures the customer satisfaction index)”.
The manager also considers that 2024 will be “a challenging year, which will test the organization’s focus”.
Last year, TAP transported 15.9 million passengers, representing an increase of 15.2% compared to 2022 and reaching 93% of the values achieved in 2019 (pre-pandemic).
The total number of flights operated also increased by 11.0% last year, reaching 88% of pre-crisis levels.
Capacity also surpassed 2019 levels, reaching 101%, representing an increase of 14.9% compared to 2022.
Operating revenues reached 4,214.8 million, an increase of 20.9% compared to 2022 and 27.8% compared to 2019.
Recurring operating costs amounted to 3,829.0 million, increasing by 18.3% when compared to the 2022 value.
