The 2024 financial report of TAAG indicates that the airline’s total assets are valued at 815.1 billion kwanzas (751.2 million euros) with a negative equity of 21.4 billion kwanzas (19.8 million euros).
This data, part of Angola’s 2024 Public Enterprise Sector Aggregate Report, also highlights that flight subsidies to Cabinda province during 2024 amounted to 10.6 billion kwanzas (9.8 million euros).
TAAG’s overall personnel costs for the period, including salaries, vacations, pensions, medical expenses, compensations, and transport, totaled 83 billion kwanzas (76.5 million euros). Other operational costs and losses increased to 344.5 billion kwanzas (317.5 million euros), reflecting a rise of 44 billion kwanzas (40.6 million euros) from 2023.
“There is an increase in costs associated with supplies and services from third parties (up 44 billion kwanzas; 15.4%), primarily due to the devaluation of the national currency against foreign currencies (a 12% decline of the kwanza against the dollar). This effect was partially offset by reduced company operations during the current fiscal year,” states the report.
Fuel costs for aircraft and other expenses, recognized as the most critical cost category, stood at 139 billion kwanzas (128.1 million euros).
These accounts were approved with reservations by the independent auditor, KPMG, which pointed out “significant discrepancies between the quantities reported under inventories and those physically counted,” as well as a lack of details about an amount exceeding 19 billion kwanzas (17.5 million euros) related to “inventory in transit.”
The auditor also highlights the company’s negative equity and net losses, noting that the current liabilities exceed current assets by 181 billion kwanzas (166.8 million euros).
“These events or conditions (…) indicate that there is substantial uncertainty which may cast significant doubt on the entity’s ability to continue as a going concern,” the report notes.
