TAP Air Portugal has reported a net profit of €65.6m for 2022.
Total revenue increased by 136% to €3.5m.
In 2022, the Portuguese flag carrier flew a total of 13.8 million customers across its network, an increase of 136.1% on the previous year and reaching 81% of 2019 levels.
Christine Ourmières-Widener, TAP CEO, said: “During the fourth quarter of 2022, TAP was able to generate its highest quarterly revenues in its history, recording profitability despite continuous operational challenges.
“For the first full year of the Restructuring Plan, TAP generated an operating profit that is an all-time record for the company. TAP also delivered a very strong positive net income despite its level of leverage.
“TAP certainly delivered in 2022, producing a performance close to that forecasted for 2025. These positive results were made possible by the hard work and dedication of all employees, business partners and stakeholders.
“The level of forward bookings for 2023 indicates that there has been no change in demand, but TAP still faces challenges. 2023 is about optimising revenues in an uncertain environment, further reducing costs against a backdrop of inflation.”
The number of flights operated increased significantly by 74.9% last year, reaching 79% of pre-pandemic frequencies.
Capacity reached 87% of pre-crisis levels, increasing 94.2% compared to the previous year, with load factors improving by 17% year-on-year to 80%, just 0.1 percentage points below 2019.