IAG Cargo 2022 revenue up 45% from 2019

IAG Cargo, the cargo division of International Airlines Group (IAG), reported 2022 revenue of €1.6 billion ($1.7 billion), a 45 percent increase from pre-pandemic levels in 2019 and a 3.5 percent decline from 2021.

While overall yields for the year were down 3.7 percent compared to 2021, tonnage was up 4.1 percent, says an official release.

The network saw significant growth in 2022, re-establishing its pre-pandemic shape with IAG Cargo now serving six continents. "Notable regions included Asia with IAG Cargo now operating 112 weekly services between India and London, up from 104 in pre-pandemic times."

Additional enhancements to the network capacity came through the development of European freighter opportunities that fed into IAG Cargo’s hubs throughout the year, which has continued into 2023, the release said. "The business also focused on enhancing customer experience by investing in digital capabilities, improving online merchandising, operational effectiveness and infrastructure. Developments included the installation of a new mechanical handling system at its hub in Madrid, Spain."

David Shepherd, Chief Executive Officer, IAG Cargo says: “IAG Cargo has a truly global reach and the ability to move the goods that drive the global economy. We have seen significant expansion to our Asia network, and I’m excited that our direct services between China and the U.K. will be back after a long pause in April.

"2022 has also seen us return to higher levels of handled tonnage through our hubs in London, Madrid and Dublin. Our investment in continuous improvement processes has resulted in the increased volumes being handled with greater productivity and performance than in previous years.”

IAG Cargo is the single business created following the merger of British Airways World Cargo and Iberia Cargo in April 2011 followed by the integration of additional airlines into the business including Aer Lingus, Vueling and bmi.