On Friday, IAG Cargo, the cargo division of IAG (International Airlines Group) reported its financial results for Q1 2022, with revenues of €432 million for the period from January 1 to March 31, 2022. The results are a reflection of how IAG Cargo's growing network has supported international trade, as the global economy recovers from the pandemic.
IAG Cargo's Q1 2022 revenues represent an increase of 18.6 percent at constant currency versus the same period last year. Overall yield for Q1 2022 was up 2.3 percent at constant currency versus the same period in 2021.
In Q1 2022 sold tonnage was up 19 percent from the same period in 2021. Demand was particularly high between Europe and the USA for key industrial goods, including automotive parts, with IAG Cargo increasing the availability of wide-body aircraft on European feeder lanes into Heathrow. Ecommerce has also remained a major driver of growth for IAG Cargo, with high volumes being shipped into North America.
IAG Cargo's Constant Fresh product, for perishable shipments, saw exceptional growth with revenues growing 47 percent versus the same period in 2021. The return to more widespread passenger flying has also provided a boost to cargo, with new routes opening up and capacity on important trade lanes increasing.
In Q1 the business was able to restart cargo flights to Australia – a major milestone in the global recovery from COVID-19. Commenting on the quarter's financial results, IAG Cargo Managing Director David Shepherd said: "IAG Cargo has had another busy quarter. The global economy is increasingly moving on from the confines of the COVID-19 pandemic. Trade and confidence are clearly increasing. At IAG Cargo we are seeing trends that first emerged during the pandemic continue to drive growth, with e-commerce as a stand-out example."
In Q1 IAG Cargo also continued to transport items usually associated with sea freight as disruption to shipping persists. During this period the business also donated over 125 tonnes of capacity in aid shipments to Ukraine, working with global charities including the Spanish Red Cross and Project HOPE to move vital goods like blankets, kitchen equipment, and medical supplies into the region.