IAG Cargo 2021 revenue up 30% to €1.7 billion on increased demand
Overall yield was up 11.3 per cent at constant currency versus last year and sold tonnes were up 21.4 per cent
IAG Cargo, the cargo division of International Airlines Group (IAG), has reported a 30 percent increase in annual revenue to €1.7 billion ($1.9 billion) for the year ended 2021 on increased demand for air cargo as global trade rebounds.
"Overall yield for 2021 was up 11.3 per cent at constant currency versus last year. Sold tonnes were up 21.4 per cent," an official statement said.
Demand for air cargo exceeded 2019 levels throughout 2021, and the business continued to align its network to customer demand, increasing frequencies on important trade routes and implementing an active charter programme of 745 rotations.
IAG Cargo closed the year on a strong note with a 28 percent increase in Q4 revenue of €499 million ($559 million).
"In Q4, ecommerce and hi-tech flows from South East Asia into North America accounted for much of the success as did the movement of automotive parts from the U.K. and Europe. Hong Kong demand remained very buoyant and from mid-December the business directed volumes to flow via Bangkok as crew quarantine restrictions limited direct Hong Kong Flights. IAG Cargo also moved large volumes of what are typically seen as non-airfreight commodities as shippers favoured shorter delivery times and volumes shifted from sea to air against a background of supply chain disruption, port congestion and low inventories."
"Since joining the business in August 2021, I've been extremely impressed by the way in which the talented team at IAG Cargo have optimised the opportunities which the market has presented," says David Shepherd, Managing Director, IAG Cargo. "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 air freight restrictions. These results are a reflection of their determination and creativity."
The airline entered 2022 with ambition and optimism for the year ahead, Shepherd added.
IAG Cargo is the single business created following the merger of British Airways World Cargo and Iberia Cargo in April 2011. Following the integration of additional airlines into the business, including Aer Lingus, Vueling and bmi, IAG Cargo now covers a global network.
IAG Cargo has a combined workforce of more than 2,250 people. IAG, its parent company, is one of the world's largest airline groups with 531 aircraft at the end of December 31, 2021.
