TAP Air Portugal achieved a net profit of €72.2 million in the second quarter of 2024, contributing to a modest profit of €0.4 million for the first half of the year. The airline saw an increase in passengers, carrying 7.7 million in the first six months, and a 3.3% rise in operating revenues, totalling €1,969 million. This growth was driven by increased capacity, improved load factors, and a significant 36.7% boost in Maintenance and Engineering revenues.
The airline also improved its financial health, with a reduction in the Financial Debt/EBITDA ratio to 2.1x, down from 2.6x at the end of 2023. TAP’s cash position strengthened, with €1.18 billion in liquidity as of June 30, 2024. Despite facing pressure on yields, the airline continues to expand its network, including a focus on the Brazilian market with new routes to Florianopolis and Manaus.
TAP’s CEO, Luís Rodrigues, highlighted the company’s ongoing structural transformation and commitment to becoming a sustainably profitable and attractive industry player. The second quarter saw a 2.4% increase in passenger numbers and a 3.4% rise in operating revenues, despite challenges such as foreign exchange losses due to the depreciation of the Brazilian Real.
The airline’s operational fleet now consists of 99 aircraft, with a significant portion being fuel-efficient NEO Family aircraft.
