TAP recorded a profit of 65.6 million euros in 2022

TAP ended 2022 with a profit of €65.6 million. This is 1,664.7 million more than the previous year. In a statement released on Tuesday, the Portuguese airline said the profits were largely made by increasing the number of passengers carried.

“In 2022, TAP carried a total of 13.8 million passengers, up 136.1% from the previous year and reaching 81% of the 2019 level,” the statement said.

TAP’s restructuring plan, approved by the European Commission at the end of 2021, sees the airline begin to turn a profit in 2025 and achieve a positive operating result in 2023, which the company achieved in the first half of 2022. .

The airline has thus returned to the profit it last recorded in 2017, when the group received a positive result of around 21 million euros.

“In the fourth quarter of 2022, TAP was able to generate the highest quarterly revenue in its history and record profitability despite persistent operational challenges,” reads the same note from still executive president Christine Umier-Widener, whose rehab was announced by the government earlier this month. after the payment of half a million euros to former director Alexandra Reis, who will not hold the usual press conference to present the results.

The official also noted that “during the first full year of the restructuring plan, TAP generated an operating profit that is a historical ‘record’ for the company” and also “received a very strong positive net income, considering its level. use”.

Earnings before interest and taxes (EBIT) were also positive last year, reaching 268.2 million euros, including non-recurring items of 19.4 million euros.

In 2022, TAP carried a total of 13.8 million passengers, representing an increase of 136.1% from the previous year, reaching 81% of the 2019 level.

Revenue reached 3,485 million euros, up 151% year-on-year, with activity up 94.2%.

The number of flights performed increased by 74.9% last year, reaching 79% of the pre-crisis level.

Capacity reached 87% of its pre-crisis level, up 94.2% year-on-year, and “load factor” (a metric for measuring the load factor of a flight) improved 17 percentage points year-on-year, reaching 80%. which is only 0.1 percentage point below the level of 2019.

Passenger revenue per seat-kilometre available (PRASK) was 6.68 euro cents, an improvement of 48.2% compared to 2021 and 20.5% compared to 2019.

The cost of fuel more than tripled in 2022, rising by €756.2 million year-on-year to €1,096.7 million.

The effect of higher fuel prices contributed to an increase in fuel costs of EUR 458.4 million.

Since the beginning of the year, the cost of recurring operating costs per seat-kilometre (CASK) has decreased by 10.7% compared to the previous year, to 7.04 cents.

Excluding fuel, the decline was 27.8%, bringing the unit cost without fuel to 4.66 cents, just 0.5% below the 2019 level of 4.68 cents.