Picture credit: Stuart Bailey for British Airways
The cargo division of International Airlines Group (IAG) reported commercial revenue of €1.156 billion in 2023, down 28.4% on 2022 when it was €1.615 billion.
Revenue in 2019, before the pandemic, was €1.117 billion.
Yields registered a large fall of 38.9% compared to 2022 from €40.58 per cargo tonne kilometre (CTK) to €24.77.
Volumes measured in CTK were up 17.2% to 4.6 billion CTK and sold cargo increased 6.2% to 596,000 tonnes.
David Shepherd, CEO of IAG Cargo, says, “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.”
In 2023, IAG Cargo opened a 10,000m2 warehouse at London’s Heathrow Airport, doubling capacity for premium shipments capacity for importing fresh produce was increased at Madrid’s Barajas airport.
Additional pharmaceutical stations were opened in Cincinnati and Cape Town, bringing the total number of certified Constant Climate stations to just over 100 globally.