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TAP Air Portugal Reports H1 2023 Net Profit of €22.9 Million

TAP Air Portugal has reported a first half 2023 net profit of €22.9 million on a 44.3 percent year-over-year increase in revenue to €1.9 billion. This is the airline’s first profitable H1 result since half-year results were published in 2019.

TAP Air Portugal Airbus A330neo - Courtesy Airbus

On Wednesday (August 30, 2023), TAP Air Portugal reported their financial results for the half-year (H1) period ending June 30, 2023. The carrier reported a first half 2023 net profit of €22.9 million on a year-over-year increase in revenue of 44.3 percent to €1.9 billion. Despite the reimbursement of their 2019-2023 Bonds in the amount of €200 million, TAP ended the period with a robust liquidity position of €899.7 million. During H1 2023, TAP carried 7.6 million passengers, up 30.2 percent versus H1 2022, and reaching 96 percent of pre-pandemic levels.

In Wednesday’s announcement, TAP Air Portugal’s CEO, Luís Rodrigues, said,

“The half-year results now presented underpin TAP's sustained trend of commercial and financial improvement, achieving an excellent performance with a positive net income in the first half. The operating margins and the deleveraging path, above the targets of the restructuring plan, prove the Group's financial sustainability at a critical moment in our history. However, there is still a long way to go. Reengaging even more our People, cleaning our backlog and fixing our operations have been key priorities, which have already enabled us to capitalize on the summer period. Demand remains strong, with bookings for the coming quarters reaching considerable figures, indicating an intense second half of the year, for which TAP will be prepared.”

TAP’s first half 2023 cost per available seat kilometer (CASK) increased 11.2 percent versus the same period last year to 7.12 cents, while costs excluding fuel (CASK-ex) increased 12.1 percent compared to H1 2022 to 4.95 cents.

During the period, TAP launched new service from Lisbon to Palma de Mallorca and Menorca, and also resumed summer seasonal service to Ibiza and Tangier. Additionally, the carrier added new year-round service between Porto and Luanda. TAP operated a total of 96 aircraft during the second quarter and added one new aircraft compared to March 31, 2023. At June 30, 2023, 67 percent of TAP’s medium and long-haul operating fleet consisted of Airbus NEO Family aircraft, up from 66 percent at the end of H1 2022.

Source: TAP Air Portugal


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