IAG Cargo Q2 revenue at €411mn on new routes to America
IAG Cargo’s half year revenue at €843mn, up 10% compared to first half of 2021.
IAG Cargo, the cargo division of IAG (International Airlines Group), reported revenue of €411 million ($419 million) for the second quarter ended June 30, 2022.
"The Q2 results take IAG Cargo's half-year revenue to €843 million ($859.9 million), up 9.6 per cent compared to the first half of 2021," says an official release.
IAG Cargo's Q22022 tonnage was up 4.6 percent while overall yield saw a reduction of 2 per cent at constant currency versus the same period in 2021 despite the return of passenger-led capacity, the statement added.
"Route expansion included opening a new service to Portland from London-Heathrow, and new services into Dallas and Washington from its Madrid hub while the business also re-started services into Pittsburgh. Globally, IAG Cargo continues to expand its network, and has added eight destinations since 2019 from its Madrid hub.
"Additionally, since the start of the year, lanes into North America have also supported the transportation of over 3,000 tonnes of milk powder as the U.S. grapples with shortage of infant formula."
David Shepherd, Managing Director, IAG Cargo, says: "While there are undoubtedly challenges facing the entire aviation industry, our results today show that our investments in route expansion and digitalisation are paying off. The return of global passenger travel is facilitating additional cargo capacity, our pre-pandemic schedules are returning and we are launching new routes for customers.
"During the quarter, we also strengthened our executive team with two key appointments, welcoming Caroline Andrews as Chief People Officer and David Walker as Chief Digital and Information Officer, supporting our journey as we continue to transform and invest in our people and our business."
IAG Cargo was an early adopter of Freightos WebCargo Pay solution in June, "opening capacity to an even wider audience of SME forwarders." It also expanded its sustainable aviation fuel (SAF) partnerships with Kuehne+Nagel and Bollore, the statement said.
IAG Cargo has purchased more than 10 million litres of SAF to reduce customer supply chain emissions on a net lifecycle basis by approximately 24,400 tonnes of CO2 over the last year, the statement added.
IAG Cargo had commercial revenue of €1.7 billion ($1.7 billion) in 2021, and a combined workforce of more than 2,250 people. Its parent company, International Airlines Group, is one of the world's largest airline groups with 531 aircraft as on December 31, 2021.