The companies belonging to the SATA group have achieved a strong increase in results last summer. Both the Azores Airlines and SATA Açores closed the third quarter with more passengers, more revenue and more profits.

Azores Airlines, which operates international flights and links between the archipelago and the Mainland, recorded a net profit of 10.7 million in the third quarter, 224% more than in the same period last year. In the summer of 2019, it had recorded a loss of 2.1 million. The result for the first 9 months of the year has not been revealed.

The company transported 534 thousand passengers in the third quarter, an increase of 27% compared to the same period last year, with the occupancy rate reaching 86.9%. Operating revenues increased by 28.3% to 115.8 million euros and operating income before interest, taxes, depreciation and amortization (EBITDA) was 21.8 million euros.

In the nine months of 2023, the Azores Airlines transported 1.138 thousand passengers and achieved operating revenues of 226.8 million euros, 66.3 million than in the period from January to September 2022.

"This growth was due to a concerted set of operational and commercial initiatives. We continued to invest in the consolidation of North American routes and explored new markets, such as Ponta Delgada-Bilbau, which began on July 1st, 2023", says Teresa Gonçalves, CEO of the SATA group, in the statement sent this Monday.

SATA Air Açores, which operates flights between islands, closed the third quarter with a profit of 5.8 million euros, above the 3.9 million obtained in the same period of 2022. The airline transported 366 thousand passengers, 9% more than in the same period last year and 30% more than between July and September of 2019. Revenue increased by 31.3% to a total of 40.9 million euros. EBITDA was 12.3 million in the third quarter.

The airline also informs that it has proceeded with the early repayment of the entire bond loan of 60 million euros issued in December 2022. ‘SATA Air Açores will save around 1.2 million euros in 2023 (4th quarter 2023) with direct impacts on the company’s future net results, estimated to be around 18 million euros in savings by 2026’, the statement adds.