TAP Air Portugal achieved a net profit of $24.9 million in the first half of the year. The company says this is “a remarkable fact” because this is the first time it has recorded positive results in the first six months of a year since 2019.

The results represent an improvement of $244.2 million compared with the same six-month period last year, when there was a substantial loss. Compared with 2019, the increase was $146.5 million.

These results, according to the company, are based on the strong growth in operating revenues, which totaled $2 billion, with a significant increase of $651 million (up 44.3%) compared with the same period in 2022. This growth, said the company, is indicative of the measured approach adopted by TAP in capitalizing on market opportunities.

Luís Rodrigues, CEO, said that “the half-year results now presented underpin TAP’s sustained trend of commercial and financial improvement, achieving an excellent performance with a positive net income in the first half.”

The results, according to the company, prove its financial sustainability at a critical moment in its history. However, according to an announcement, “there is still a long way to go.” Reengaging with employees even more, cleaning out a backlog, and fixing operations have been key priorities. Demand remains strong, with bookings for the coming quarters reaching “considerable figures, indicating an intense second half of the year, for which TAP will be prepared.”