According to the presentation by TAAG's board of directors, net income recovered from a loss of 297 million dollars to a negative result of 64 million dollars.
However, the company's management highlighted the "new financial records with a positive net result" in kwanzas, as the company ended 2022 with a result of 460 million kwanzas.
According to the financial administrator, Gabriela Bastos, the financial statements are presented in kwanzas as it is the national currency, but considering that TAAG operates in the international market, its cost structure is largely indexed to strong currencies such as the dollar, which is the functional currency.
The financial statements also point to the growth of operating revenues, which more than doubled, from 175 million dollars in 2021 to 390 million dollars in 2022.
There is also an increase in operating costs from 270 million dollars, in 2021, to 480 million dollars, in 2022, mainly due to fuel, which cost four times more (151 million euros compared to 36 million euros).
TAAG's CEO, Eduardo Fairen, highlighted the increase in routes and frequencies with an impact on the significant increase in sales and passengers, the new partnerships with Iberia, Gol and TACV, which resulted in greater connectivity and positioning for future business and renegotiation of debts with all suppliers, generating significant savings and increased credibility, greater boost to the cargo business, among others.
Eduardo Fairen stressed that the inadequate fleet for the routes operated was one of the main obstacles, as well as a significant maintenance 'backlog' (delay), onerous contracts and above international market prices and an unmotivated workforce, with deep needs for training, especially technical.
The measures being implemented, some with an immediate impact and others in the future, continued Eduardo Fairen, are mainly capitalization and complementary sanitation, currently under discussion with the Ministries of Transport and Finance, "with the commitment of this action to be closed by the month of June of this year".
"On the operational side, the negotiation of a new short-haul and long-haul fleet, with the aim of growing this fleet from the current 20 aircraft to 50 aircraft in 2027, as well as the dynamic management of this fleet, according to the needs of the business and of the commercial plan", are other actions that take place, he said.
For her part, the chairman of TAAG's board of directors, Ana Major, highlighted that the adopted reforms confirm that the company "is a company with a profitable business".
"We have set a positive pace of recovery in the activity levels of 2019 in the sector's key metrics and the results for 2022 support the conviction of a sustainable aviation business with positive results", said Ana Major.
