IAG Cargo 2023 revenue down 28%
Overall yields for 2023 were down 39% vs 2022 while volumes, measured in cargo tonne kilometres (CTKs), were up 17%
Photo Credit: IAG Cargo
IAG Cargo, the cargo division of International Airlines Group (IAG), reported a 28 percent decline in revenue at €1. 2 billion compared to 2022 but up 3.5 percent from pre-pandemic levels in 2019.
"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," says an official release.
Overall yields for the year were down 38.9 percent in comparison to 2022 (24.77 cents vs 40.58 cents). Volumes, measured in cargo tonne kilometres (CTKs), were up 17.2 percent “as the Group’s airlines further restored their operations, leading to an increase in both passenger and cargo capacity.” Cargo sold (tonnage) increased six percent to 596,000 tonnes.
“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," says David Shepherd, Chief Executive Officer at IAG Cargo. "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."
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, the release added.
