IAG Cargo Delivers 2022 Revenue of $1.7 Billion
IAG Cargo, the cargo division of International Airlines Group (IAG), reports its full year financial results for 2022, with commercial revenues of $1.7 billion – up 44.6% from pre-pandemic levels in 2019, 3.5% down vs 2021. Overall yields for the year were down 3.7% in comparison to 2021, tonnage was up 4.1%.
In 2022, the network saw significant growth, re-establishing its pre-pandemic shape with IAG Cargo now serving 6 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 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 at IAG Cargo said: “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 UK 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.”
With Caroline Andrews, Chief People Officer, joining the business in Q2 2022, there has been a renewed energy behind learning and development opportunities for those working at IAG Cargo – with the aim of upskilling the workforce and supporting talent retention.
A new leadership course saw more than 230 managers training to improve their frontline people management skills.
Shepherd added: “Investing in our people is just as important as investing in digitalisation and sustainability measures, and so I was delighted that IAG Cargo recently took second place among FTSE 100 companies and their subsidiary companies in the recent Equity Index 2022/23 by Lead5050.
"We strive to foster a diverse, inclusive and equitable workplace, our colleagues are the future of this industry, and it is vital that they have the support they need to grow and prosper at IAG Cargo.”