IAGCargo Fins

IAG Cargo delivers 2022 revenue of €1,615 million

  • 2022 revenue was €1,615 million up 44.6% vs 2019

  • IAG Cargo re-established its global network, now spanning six continents

  • The business focused on enhancing customer experience by investing in digital capabilities, improving online merchandising, operational effectiveness and infrastructure

Today, IAG Cargo, the cargo division of International Airlines Group (IAG), reports its full year financial results for 2022, with commercial revenues of €1,615 million – up 44.6 per cent from pre-pandemic levels in 2019, 3.5 per cent down vs 2021. Overall yields for the year were down 3.7 per cent in comparison to 2021, tonnage was up 4.1 per cent.

In 2022, the network saw significant growth, re-establishing its pre-pandemic shape with IAG Cargo now serving 6 continents. Notable regions included Asia – with IAG Cargo now operating 112 weekly services between India and London, up from 104 in pre-pandemic times.

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 has continued into 2023. The business also focused on enhancing customer experience by investing in digital capabilities, 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, Chief Executive Officer at IAG Cargo said: “IAG Cargo has a truly global reach and the ability to move the goods that drive the global economy. 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.

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.”

With Caroline Andrews, Chief People Officer, joining the business in Q2 2022, there has been a renewed energy behind learning and development opportunities for those working at IAG Cargo – with the aim of upskilling the workforce and supporting talent retention. A new leadership course saw more than 230 managers training to improve their frontline people management skills.

“Investing in our people is just as important as investing in digitalisation and sustainability measures, and so I was delighted that IAG Cargo recently took second place among FTSE 100 companies and their subsidiary companies in the recent Equity Index 2022/23 by Lead5050. We strive to foster a diverse, inclusive and equitable workplace, our colleagues are the future of this industry, and it is vital that they have the support they need to grow and prosper at IAG Cargo.”


Notes to editors

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.

For further information on IAG Cargo, please visit the IAG Cargo YouTube channel: 

http://www.youtube.com/user/IAGCargo or alternatively, visit the IAG Cargo website: https://www.iagcargo.com

Media enquiries

For media enquiries, please contact the IAG Cargo press office:

Isobel Knight +44 7834 587675