IAG Cargo delivers 2023 revenues of €1,156 million

IAG Cargo, the cargo division of International Airlines Group

IAG Cargo, the cargo division of International Airlines Group (IAG), reports its full year financial results for 2023, with commercial revenues of €1,156 million – up 3.5 per cent from pre-pandemic levels in 2019, 28.4 per cent down vs 2022.

Overall yields for the year were down 38.9 per cent in comparison to 2022, while volumes, measured in cargo tonne kilometres (CTKs), were up 17.2 per cent.

In 2023, IAG Cargo continued its journey of transformation to enhance services whilst ensuring long-term growth.

One of the main focuses was improving its facilities, where the business opened a 10,000m2 warehouse at its London-Heathrow hub, doubling its capability to handle premium shipments. Additionally, the business made upgrades at its Madrid facility, increasing capacity for importing fresh produce into Europe.

IAG Cargo 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.

Leveraging key partnerships remained a priority for the business, providing customers with the ability to link shipments across a range of carriers connecting into the IAG Cargo network.

David Shepherd, Chief Executive Officer at IAG Cargo 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”.