The Portuguese company wants to reinforce its commitment to the transport of goods and airmail and has created a new company to boost its business: TAP Logistics Solutions.
There is one more company “flying” at TAP, which recorded losses of 105 million euros in 2019. The national company has grown in the number of passengers, reaching a record last year. But it also intends to reinforce its commitment to the transport of goods and airmail. It created a new company in the first days of the new year: TAP Logistics Solutions.
The new company was incorporated on January 2nd, the first working day of the year. Its leader is Antonoaldo Neves, the president of TAP, with the board of directors integrating two other directors: Raffael Alves and David Pedrosa.
According to the register published on the Justice Portal, TAP Logistics Solutions will dedicate itself to “providing postal services, transport and collection of documents, products, parcels, cargo or other goods, as well as providing customs clearance services, the respective related activities, complementary or subordinate.”
To ECO, TAP confirmed the company establishment. “One of TAP’s strategic objectives is to develop and enhance its cargo and mail business, as a way of maximizing the capacity of its aircraft and taking advantage of its vast network of destinations. In pursuit of this objective and for regulatory reasons TAP Logistics was formed,” the airline said. It left more details about the new company for later.
TAP achieved revenues of 3.298 billion euros in 2019. Almost all turnover is concentrated on the passenger transport segment: it accounts for almost 90% of the airline’s revenues, about 2.914 billion (+4.7% than the previous year).
TAP Revenues per business
As for the cargo and mail segment, it is the third largest business of the national carrier, representing 4.5% of turnover: 137.4 million euros (+2.0% compared to 2018). Maintenance generated revenues of 211 million.
Despite the growth in revenues, the airline had losses of more than 100 million euros for the second consecutive year. According to TAP, the increased investment in new aircraft, external factors such as conditions at the Lisbon airport, explain the heavy losses.