TAAG announces operational loss of more than 600 million dollars and new Recapitalization Plan

The Angolan airline TAAG will have a recapitalization and complementary reorganization plan and in the last two or three years, due to the pandemic, it has suffered losses assumed by the State, of more than 600 million dollars (556 million euros).

We are working with the Ministry of Finance on TAAG’s recapitalization and complementary restructuring plan, ensuring that the airline now has the resources to be able to carry out this entire restructuring process with greater stability”, as the press was told, by the angolan Minister of Transport Ricardo Abreu.

The Angolan minister, who was responding to the question about the constant claims of employees of the Angolan state carrier, also expressed confidence that the plan will be considered, shortly, by the Council of Ministers.

“Soon, this same document will be appreciated at the executive level and, if approved, it will be implemented, which will allow for a slightly more stable restructuring process, but there is no question that it needs to be restructured.

Speaking at the 8th edition of Café CIPRA (Press Center of the Presidency of the Republic of Angola), in Luanda, he considered that there are indicators that clearly demonstrate the need to restructure TAAG, in terms of processes, technology and with “professionals truly committed to the airline”.

“And no longer count on people who have been or could, take advantage of the company for their individual benefits”, he remarked.

He also defended, in his speech, the need to understand the wide range of issues surrounding the Angolan airline, especially as it is the “largest employer in the public business sector”.

“And we need to understand the wide range of issues that are within a company with this amount of workers, that has several implications”, he argued.

According to the Angolan official, TAAG has had, in the last 44 years, 20 different management bodies, “and probably there should not be an Angolan company in which this has occurred”, so, he noted, this factor “should not be ignored”.

“We have to have a structured, serene and calm approach and with no flarring motions to explain such an important and strategic issue within the aviation ecosystem”, he pointed out.

The Angolan minister also recalled that TAAG, a company that as a”fundamental brand” with “patriotic sense”, remained firm in the time of the covid-19 pandemic and did not lay off staff as happened in other companies.

The Angolan state company, he added, had losses borne by the State accumulated over the last two or three years, due to the pandemic, of more than US$600 million (556 million euros).

Regarding TAAG’s net results in 2022, it did not advance numbers, but did say that they record a loss far below to those recorded in 2019, in the pre-pandemic period.

“TAAG numbers will be published shortly after the conclusion of the audit that is currently underway, TAAG is performing almost equivalently from an operational stand point, to the 2019 numbers”, he concluded.

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