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Revenue and yields down at IAG Cargo

[ February 29, 2024   //   ]

IAG Cargo, the freight arm of International Airlines Group (IAG) which includes British Airways, Iberia, Aer Lingus and Vueling – said its commercial revenue in 2023 was down 28.4% on 2022 at €1.156 million. However, this was 3.5% up on pre-pandemic levels in 2019. Overall yields for the year were down 38.9% in comparison to 2022, by volumes, measured in cargo tonne kilometres (CTKs), were up 17.2%.

Highlights of the year including opening a 10,000sq m warehouse at its London-Heathrow hub, doubling its capability to handle premium shipments. It also upgradedt its Madrid facility, inreasing capacity for importing fresh produce.

The carrier also completed the opening of additional pharmaceutical stations in Cincinnati and Cape Town, bringing the total number of certified Constant Climate stations to just over 100 globally.

Chief executive, David Shepherd, said: “Against a challenging macro-economic backdrop and unforeseen disruptions within the cargo industry, we remained laser-focused on future proofing our business through investing in premium products, upgrading facilities and upskilling our talented workforce. As a result, the business continues to perform well against pre-pandemic levels.

“My priority for the year ahead is to build on this momentum, improving how we deliver for customers whilst ensuring our people grow with us.”

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