Africa-Press – Angola. Angolan airline TAAG had a negative net result of 134.2 billion kwanzas (123.7 million euros) in the 2024 financial year, according to the company’s financial statements consulted.
TAAG’s 2024 report and accounts indicate in the company’s balance sheet total assets of 815.1 billion kwanzas (751.2 million euros) and negative equity of 21.4 billion kwanzas (19.8 million euros).
The data, which appears in Angola’s 2024 Public Business Sector Aggregate Report (SEP), also states that the subsidy for flights to Cabinda province during 2024 cost 10.6 billion kwanzas (9.8 million euros).
TAAG’s overall staff costs during this period, including salaries, vacations, pensions, medical expenses, compensation and transport, amounted to 83 billion kwanzas (76.5 million euros), while other operating costs and losses increased to 344.5 billion kwanzas (317.5 million euros), an increase of 44 billion kwanzas (40.6 million euros) compared to 2023.
“There has been an increase in costs for third-party supplies and services (an additional 44 billion kwanzas; 15.4%), with the main effects being related to the devaluation of the national currency against foreign currencies (a 12% drop in the kwanza against the dollar).
This effect was partially offset by the reduction in the company’s operations in the current fiscal year,” the report states. Aircraft fuel and other costs—considered the most significant cost category within the total—came to 139 billion kwanzas (€128.1 million).
The accounts were approved with reservations by the independent auditor, KPMG, which points out “the existence of significant discrepancies between the quantities presented in the stock headings and those physically inventoried”, as well as a lack of details on an amount exceeding 19 billion kwanzas (17.5 million euros) related to “stock in transit”.
The auditor also draws attention to the airline’s negative equity and negative net results, whose current liabilities exceed current assets by 181 billion kwanzas (166.8 million euros).
“These events or conditions (…) indicate that there is a material uncertainty that may cast significant doubt on the entity’s ability to continue as a going concern,” the report states.
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