IAG Cargo, the cargo division of International Airlines Group (IAG), has reported its full-year financial results for 2022, with commercial revenues of €1.6bn.
This is an increase of 44.6% from pre-pandemic levels in 2019, but a decrease of 3.5% compared to 2021 figures.
IAG Cargo was created following the merger of British Airways World Cargo and Iberia Cargo in April 2011.
In 2022, the firm’s network saw significant growth, re-establishing its pre-pandemic shape across 6 continents. Notable regions included Asia – with IAG Cargo now operating 112 weekly services between India and London, an increase from 104 pre-pandemic.
Additional enhancements to the network capacity came through the development of European freighter opportunities that fed into IAG Cargo’s hubs throughout the year, which continue into 2023.
The business also focused on enhancing customer experience by investing in digital capabilities and improving online merchandising, operational effectiveness, and infrastructure. Developments included the installation of a new mechanical handling system at its hub in Madrid, Spain.
David Shepherd, IAG Cargo CEO said: “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.
“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.”
Parent company IAG has been investing in Sustainable Aviation Fuel initiatives over recent years in a bid to reduce the environmental impact of operations.