TAP goes from loss to record profit of €203M

Portugal’s State-run airline TAP has made €203.5 million in profits in the first nine months of the year after a loss of €90.8 million for the like-for-like period in 2022.

According to the company, it is the biggest profit since quarterly results have been issued. The airline led by Luís Rodrigues, explains that operational results in the first nine months of the year stood at €3.2Bn, an increase of €725 million (+29.7%) compared to the same period in 2022.
“This consistent growth in revenues reflects the strategic approach of TAP to take advantage of the opportunities in the market”, states the company.
In relation to the third quarter, TAP’s net results totalled €180.5 million, the highest net result since quarterly results were posted, up €69.2% on Q3, 2022 and €179.4 million like-for-like on 2019.
“The third quarter results are encouraging and validate the organisation’s focus on the summer for our passengers”, states the CEO in the communiqué.
In the period of July to September, operational revenues increased 12.5% on the same period in 2022, increasing €139.5 million to €1.258Bn, exceeding and representing 121% of operational revenues in the third quarter of the pandemic.
“This increase was largely down to an increase in yields together with an increase in capacity”, states the company.
On September 28 the government took the first step to sell between 51% and 100% of TAP via a direct sale competition.
The company will once again have private owners after he government nationalised the company in 2021 when its survival was at stake because of the impact of the pandemic on air transport.
Prior to that the company was owned by Atlantic Gateway, a consortium headed by Brazilian-US tycoon David Neeleman and Portuguese entrepreneur Humberto Pedrosa who won the privatisation bid for the company in 2015 under the PSD-CDS coalition government led by Pedro Passos Coelho and Paulo Portas.