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TAP Air Portugal Reports Record Full Year 2023 Net Profit of €177.3 Million

TAP Air Portugal has reported a record full year 2023 net profit of €177.3 million on revenue of €4.2 billion.  At December 31, 2023, the carrier had a robust liquidity position with €789.4 million in cash.

TAP Air Portugal Airbus A320neo - Courtesy TAP Air Portugal

On Wednesday (March 27, 2024), TAP Air Portugal reported their fourth quarter and full year financial results for the period ending December 31, 2023.  The carrier reported a fourth quarter net loss of (€ 26.2) million on a year-over-year increase in revenue of 5.2 percent to €1.05 billion.  For the full year, the carrier reported a record net profit of €177.3 million on a 20.9 percent increase in revenue versus FY2022 to €4.2 billion.  At December 31, 2023, TAP had liquidity totaling €789.4 million.

In Thursday’s announcement, TAP Air Portugal’s Chief Executive Officer, Luís Rodrigues, said,

“2023 strong results confirm TAP’s recovery path in recent years.  Record revenues, surpassing the EUR 4bn mark, robust and resilient operating margins, and a clear deleveraging trend, confirm the financial strength of the Group.  An increase in punctuality and regularity in the second half of the year, as well as in the NPS, underscores the organizational focus on delivering a better service to our passengers.  Signing the new collective labor agreements confirms the recognition and commitment towards our people.  2024 will be a challenging year that will test the organizational focus, for which we will need the commitment of all our teams to establish TAP as one of the most attractive companies in the sector.”

TAP Air Portugal's Fourth Quarter and Full Year 2023 Financial Results - Courtesy TAP Air Portugal

During 2023, TAP carried 15.9 million passengers, an increase of 15.2 percent compared to 2022 and 93 percent of pre-pandemic figures achieved in 2019.  The airline’s 2023 load factor increased 0.8 percent year-over-year to 80.8 percent, also an increase of 0.7 percent versus 2019.  TAP’s 2023 passenger revenue per available seat kilometer (PRASK) was 7.30 euro cents, up 9.1 percent compared to 2022, while recurring operating costs per available seat kilometer (CASK) increased year-over-year by 3.0 percent to 7.25 euro cents.  Costs excluding fuel (CASK-ex) increased versus 2022 by 10.4 percent to 5.14 euro cents.    


Source: TAP Air Portugal


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