Friday, August 30, 2024 In the first half of 2024 (1H24), TAP Air Portugal achieved operating revenues of EUR 1,969 million, marking a 3.3% increase compared to the same period in 2023. This growth was fueled by a 2.
9% rise in passenger capacity and a 0.8 percentage point improvement in load factor, along with a substantial 36.7% boost in Maintenance and Engineering revenues.
TAP also saw a notable improvement in its recurring operating results for the first half of 2024. The airline’s recurring EBITDA climbed to EUR 372.7 million, an increase of EUR 11.
0 million, reflecting a 19% margin. Additionally, the recurring EBIT reached EUR 139.2 million, up by EUR 14.
7 million, representing a 7% margin. The airline posted a modest net profit of EUR 0.4 million for 1H24, driven by a strong second quarter performance with a net profit of EUR 72.
2 million, which offset the losses from the first quarter of the year. As of June 30, 2024, TAP Air Portugal maintained a robust liquidity position, with cash reserves totaling EUR 1,175.7 million, a significant increase of EUR 386.
3 million from the end of 2023. The airline also improved its Financial Debt to EBITDA ratio, reducing it to 2.1x compared to 2.
6x at the close of 2023, demonstrating a commitment to disciplined and prudent financial management aimed at bolstering investor confidence. Looking ahead to the second half of 2024, TAP anticipates stable booking levels similar to the previous year, albeit with some pressure on yields. Th.