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IAG Cargo reports 2023 full year financial results

IAG Cargo, the cargo division of International Airlines Group (IAG), has released its full year financial results for 2023, with commercial revenues of €1,156 million - up 3.5% from pre-pandemic levels in 2019, but 28.4% down vs 2022.
photo_camera IAG Cargo 2023 revenue was €1,156 million, up 3.5% vs 2019. Credit: iagcargo.com

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

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

Contributing to IAG Cargo’s 2023 success was its focus on improving facilities where the business opened a 10,000 m2 warehouse at its London-Heathrow hub, doubling its capability to handle premium shipments.

The business also 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.

David Shepherd, chief executive 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.”

READ MORE NEWS: Cape Town added as IAG Cargo Constant Climate station

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