TAAG: Cargo revenues already 20% above annual forecast with 4 months to go
Since 2020, cargo revenues of TAAG Angola Airlines, the Angolan national airline, continue to grow. Growth in 2022 is already well above the targets set.
TAAG's cargo business is doing well. Between January and August 2022, this segment produced around USD 67 million in revenue, reveals a company press release published on Tuesday 13 September. This "exceptional" result is 20% higher than the annual target, set at around 55.5 million, four months before the end of the year. This performance is in line with the growth of the carrier's cargo business year after year. This year's figure was 33.7 million in 2021, a 14% increase on the 29.6 million in 2020.
This year's positive result is due, among other things, to the contract that the company recently won for charter cargo flights between China and Latin America (Brazil), via Angola. Today, it has several routes between Luanda and the main Chinese cities (Changsha, Hong Kong, Guangzhou, Shanghai Hongqiao and Beijing). TAAG transports a variety of goods with a fleet of two Boeing 777s (long-haul intercontinental routes) and one Boeing 737 (regional flights).
"The cargo segment is now strategic for TAAG, with an increasing contribution to the company's sustainability. Thus, I see positive synergies and benefits for the company in the coming years, once the new Luanda International Airport, named Dr. António Agostinho Neto, is operational", believes Eduardo Fairen, TAAG's President and CEO.
In addition to increasing revenues, the Angolan flagship also aims to reduce costs by USD 10 million by August 2023. From July to August 2022, the procurement department saved about US$1.4 million through renegotiation of contracts and purchases, while keeping all departments functional.
