TAAG Angola Reports US$800,000 Profit in 2022
TAAG Angola Airlines has announced its 2022 financial results, with profit of more than US$800,000.
TAAG Angola Airlines has announced its 2022 financial results, with profit of more than US$800,000.
DALLAS — Flag carrier TAAG Angola Airlines (DT) has announced its 2022 financial results. According to an airline statement, DT reported a profit of more than 460 million kwanzas (US$800,000) in 2022. This represents a growth of 30% overall compared to 2021 and is the first time the airline has reported a profit since the pandemic.
The airline also reported a substantial improvement in operating revenues during 2022. TAAG's operating revenues in 2022 were YS$390m, double the amount in 2021. This can be attributed to an increase in frequencies and higher passenger occupancy per available seat kilometer, according to DT's Chief Commercial Officer Lis Mota-Pinto.
Like all airlines, DT has faced many operational problems and revenue limitations because of travel restrictions, reduced travel demand, high fuel prices, supply chain constraints, and other external factors. With that said, the airline obtained a 2019 level in many key metrics, helping them achieve profitability in 2022.
TAAG's cargo operation has been successful, as it posted US$67m in revenue in 2022. The carrier operates cargo flights to multiple cities in China and South America using Boeing 777 aircraft. Furthermore, once Angola's new modern international airport opens, DT's cargo operations are expected to grow dramatically. The new airport will be able to accommodate 50,000 tons of cargo per year.
This announcement comes after DT's recent codeshare agreement with Brazilian carrier GOL Airlines (G3). With this new codeshare agreement, DT will increase its frequencies between Luanda (LAD) and Sao Paulo (GRU) by up to six weekly flights. The carrier is negotiating for a new short/long-haul fleet which will increase from 20 to 50 aircraft by 2027.
The airline, founded in 1938, has been the flag carrier for Angola and the leading airline in the country. DT has grown its network recently to include 14 domestic and 13 international destinations with a fleet of Boeing 777-300ERs, Boeing 777-200ERs, Boeing 737-700s, and DE HAVILLAND DASH 8-Q400. The airline is also awaiting the delivery of six Airbus A220-300s, which will be delivered between 2023 and 2024.
TAAG is also awaiting the opening of a new US$5bn airport in Luanda, which is set to open in December 2023. Construction on the airport began in 2008 and is designed to handle 10 million international and 5 million domestic travelers. The airport, dubbed the New Luanda International Airport, will have the capacity to handle the Airbus A380 and Boeing 747 and include two runways and three terminals.
The new airport will allow domestic and international flights to operate under the same roof, which is not the case at the existing airport, and will enable DT to create Luanda into a profitable modern hub.
Featured image: D2-TEK TAAG Angola Airlines Boeing 777-300ER MAD LEMD. Photo: Adrian Nowakowski/airways
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