The revenue was down 3.5% compared to last year, with yields decreasing 3.7% and tonnage up 4.1%.
Revenue was up 44.6% compared to before the pandemic in 2019.
In 2022, IAG Cargo re-established much of its pre-pandemic network, most notably in Asia with IAG Cargo operating 112 weekly services between India and London compared to 104 before the pandemic.
IAG Cargo has developed European freighter services feeding into hubs, which has continued into 2023.
Investing in digital capabilities, improving online merchandising, operational effectiveness and infrastructure have been focus areas with developments including the installation of a new mechanical handling system in Madrid.
David Shepherd, CEO of IAG Cargo, says, “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.”
He adds, “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.”