CP – Comboios de Portugal makes net profit for the second year running. There was a 17% in increase in passengers in 2023 compared to the previous year.
CP – Comboios de Portugal made a net profit for the first time in 2022 and the 2023 results show that the company remains committed to solid, sustainable financial management. In 2023, CP made a net profit of around EUR 3.6 million, despite economic and operational challenges.
Exponential growth in passengers
Last year was marked by exponential growth in the number of passengers. 173.3 million people were carried, representing an increase of around 17% on the previous year. This growth reflects the population’s growing confidence in CP’s services and the effectiveness of our strategies.
“The growth in passenger numbers is a clear sign that we are on the right track. The population trusts our services, and this is testimony to the effectiveness of our strategies and the hard work of all our employees,” according to Pedro Moreira, Chairman of CP’s Board of Directors. “Without the dedication and hard work of our employees, we would not have achieved these results. Together, we are shaping the future of rail transport in Portugal and strengthening our leadership position as the country’s largest land carrier.”
Strategic and operational initiatives
In recent years, CP has increasingly sought to become a structuring operator for internal mobility and a market leader in passenger transport, contributing to territorial cohesion and the country’s economic, social and environmental sustainability. The strategy included the reopening of workshops that had been closed for several years and the recovery and return to service of old rolling stock, from railcars to locomotives and coaches. This work has enabled CP to be able to respond to the large increase in passengers in 2023.
In 2023, CP reinforced the Alfa Pendular service, which now has more daily trains, responding to growing demand. This expansion of the offer to customers contributed to a 36% increase in the number of passengers using this service in the first four months of 2024 compared to the same period in 2023.
The implementation of a National Rail Pass from 1 August 2023, with a fixed monthly fee of EUR 49 allows travel on regional trains throughout the country, regardless of where the passengers are going from and to, has also brought more passengers to the railway. This initiative has been key to promoting sustainable and accessible mobility.
External recognition
In 2023, CP was honoured with a prize at the Portugal Digital Awards for the Digital Traction Environment project, which reflects “not only the innovation and audacity of our team and the unwavering commitment to digital transformation in the railway sector,” said Pedro Moreira. This project is a testament to CP’s dedication to being at the forefront of digital transformation.
CP was the only land carrier to feature in OnStrategy’s annual study of the “100 Most Valuable Portuguese Brands”, coming 42nd. This recognition validates the company’s growing influence and relevance in the national market. In addition passengers chose CP for the first time as a SuperBrand, highlighting the carrier’s commitment to excellent service and customer satisfaction.
Commitment to sustainability and innovation
CP’s Chairman reinforced the company’s commitment to sustainability and innovation: “We have sought to improve efficiency, cut costs and ensure the sustainability of operations. We want to continue to improve the quality of rail transport in Portugal, contribute to a greener future by investing in sustainable mobility solutions, and invest in the development and implementation of more efficient technological solutions.”
Future prospects
CP continues to invest in the future to improve the quality of its services and contribute to environmental sustainability.
These results underline CP’s determination to maintain sound financial management while continuing to grow and innovate. The Company is prepared to face future challenges and continue to serve its passengers with excellence and dedication.
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