TAP Air Portugal Improves Profitability: 2023 Was A Strong Year

TAP Air Portugal Improves Profitability: 2023 Was A Strong Year
Photo Credit: James Field/AviationSource

TAP Air Portugal have this week disclosed their financial results for 2023, which shows significant strength for the carrier.

The Portuguese airline has been able to improve their numbers, despite increasing pressures.

Without further ado, let’s get into it…

TAP Air Portugal: Full Year Numbers…

TAP Air Portugal Improves Profitability: 2023 Was A Strong Year
Photo Credit: Kyle Hayes/AviationSource

TAP Air Portugal produced a profit of 177.3m EUR in 2023, which is an increase from 2022.

In 2022, the airline reported profits of 111.7m EUR, which highlights a 65.6m EUR difference.

This comes from revenues of over 4.2bn EUR, which also rose by 20.9% compared to 2022.

TAP Air Portugal also handled 15.9m passengers in 2023, which is also up 15.2% as well.

Commenting on the results was the airline’s CEO Luis Rodrigues:

“Strong 2023 results confirm TAP’s recovery path in recent years.”

“Record revenues, surpassing the four billion Euro mark, robust and resilient operating margins and a clear deleveraging trend, confirming 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 organisational focus on delivering a better service to our passengers.”

“Signing the new collective labour agreements confirms the recognition and commitment towards our people.”

What’s Next For The Airline?

TAP Air Portugal Improves Profitability: 2023 Was A Strong Year
Photo Credit: Joris Wendt/AviationSource

Growth continues to be on the horizon for TAP Air Portugal, particularly in Brazil & North America.

Starting with Brazil, TAP Air Portugal has made some additional increases to it’s existing services.

Six additional flights will be added to Recife, bringing the total to 13 weekly.

For Fortaleza & Rio de Janeiro, there will be two additional weekly flights, bringing the count to 12.

Services to Belem, Brasilia, Natal, Porto Alegre, Salvador & San Paulo will also receive an extra weekly flight each.

This means that a total of 96 flights per week will be on offer from TAP Air Portugal to Brazil.

In North America, TAP Air Portugal is also expanding flights from Lisbon.

Within Canada, the Toronto service will get an additional four flights per week, bringing the total to 14 weekly.

On the Lisbon-Montreal service, the airline will be increasing this service from five to six weekly.

Moving over to the U.S, TAP Air Portugal now has two flights a day to Washington D.C.

This is four more a week than in Summer 2023.

On the San Francisco service, this will be increased to six weekly from five weekly.

In total, TAP Air Portugal will offer 77 weekly flights to the United States, and 20 weekly to Canada.

Another area of interest for TAP Air Portugal is the boosting of services into the Americas.

The airline has announced that services between Lisbon and Caracas will commence in the Summer, with a stopover in Funchal.

Such a service will operate on a thrice-weekly basis, with the Funchal part adding more connectivity to those in Madeira.

On top of this, the airline will be resuming seasonal services to the following destinations:

  • Porto Santo
  • Alicante
  • Ibiza
  • Menorca
  • Palma de Mallorca
  • Naples


Photo Credit: James Field/AviationSource

In conclusion, TAP Air Portugal has performed well in 2023, with the numbers reflecting on that.

Looking into 2024, the airline will seek to grow further and also get themselves back to pre-pandemic figures.

All eyes will be on how their Summer 2024 season performs, as well as whether any additional growth is enroute.

But for now, let’s see how the rest of 2024 performs for the airline.

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By James Field - Editor in Chief 4 Min Read
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