In 2021, annual revenue was €1.67bn, up 30% at constant currency rates, with overall yield increasing 11.3% and sold tonnes by 21.4%.
The year ended well with record fourth quarter revenue of €499m, up from €389m in 2020.
Demand has exceeded pre-pandemic levels and the business had to be reshaped with cargo-led flying, increased frequencies on important trade routes and implementing an active charter programme.
Cargo has also supported the return to widescale passenger flying, providing additional revenue on key passenger routes.
E-commerce and hi-tech cargo from South East Asia into North America were very strong into North America, and so were automotive parts from the UK and Europe.
Hong Kong demand remained buoyant and cargo travelled via Bangkok from mid-December as crew quarantine restrictions limited direct flights.
IAG Cargo also moved large volumes of commodities not normally transported by air as shippers favoured shorter delivery times against a backdrop of supply chain disruption, port congestion and low inventories.
David Shepherd, Managing Director of IAG Cargo says: “In 2021 the role of air cargo remained very much in the spotlight. Our people went above and beyond to find solutions to the global capacity crunch and airfreight restrictions. These results are a reflection of their determination and creativity.”