SATA posts record revenues in 2022

Azores Airlines and Air Açores – both belonging to the SATA Group – enjoyed its best year ever in terms of revenues, despite suffering net financial losses of €32.4 and €2.5 million, respectively.

In a communiqué released on Friday, SATA states that 2022 was “best ever year in terms of revenues”, both for Azores Airlines (€211.1 million) and SATA Air Açores (€92.2 million).
As to the loss of €34.2 million (SATA International Azores Airlines (responsible for air links to and from the islands), the company states that the results show an improvement on its pre-pandemic results by €21.6 million and by around €16.1 million in relation to 2021”.
A net result which was down €2.5 million for SATA Air Açores (Operating flights between the various islands on the island chain), in 2022, represented, nevertheless, an improvement of €4.3 million in comparison to 2021”.
Regarding Azores Airlines, SATA has warned that the net result which was down by €34.2 million was caused by “restructuring costs and the costs of additional bank borrowing, and consequent servicing costs incurred to deal with the Covid-19 pandemic, and to support the process of restructuring the airline, as well as some figures that were merely for accounting purposes”.
“Despite the adverse (economic/inflationary) climate, the performance of Azores airlines continues to meet the objectives outlined in the Restructuring Plan agreed with the European Commission”, states the group, which until the start of March was led by Luís Rodrigues, who then left to take over the management of TAP after the controversial dismissal of Christine Ourmières-Widener last month. The airlines now being run by a new president, Teresa Gonçalves.
“The prospects for 2023 are positive regarding the growth of revenues, taking into account that in the first half of 2023 growth in revenues reflected in forward ticket bookings is 40% above what had been registered for the same period in 2022”, it states. The airline is currently being prepared for a public competition to privatise a minimum of 51% to a maximum of 85% of its capital share.
As to the positive results in revenues (€211.1 million), these were driven by the “record number of passengers carried” by Azores Airlines in 2022, exceeding, for the first time, the one million passengers mark, and representing a growth of 14.5% in relation to 2019, and 67% in relation to 2021”.
“It was equally the result of a healthy growth in average revenues per passenger – over 4% compared to 2019, and over 24% in terms of hours flown on 2021 – and the attraction of new tourist markets to the islands”, states the company. In 2022 Azores Airlines achieved its first positive EBITDA in 10 years to €5.403 million.

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