IAGCargo Fins

IAG Cargo delivers 2023 revenues of €1,156 million

  • 2023 revenue was €1,156 million, up 3.5 per cent vs 2019

  • Throughout 2023, IAG Cargo continued to invest in state-of-the-art facilities, strategic partnerships and training initiatives to enhance customer experience

Today, IAG Cargo, IAG Cargo, the cargo division of International Airlines Group (IAG), reports its full year financial results for 2023, with commercial revenues of €1,156 million – up 3.5 per cent from pre-pandemic levels in 2019, 28.4 per cent down vs 2022. Overall yields for the year were down 38.9 per cent in comparison to 2022, while volumes, measured in cargo tonne kilometres (CTKs), were up 17.2 per cent.

In 2023, IAG Cargo continued its journey of transformation to enhance services whilst ensuring long-term growth. One of the main focuses was improving its facilities, where the business opened a 10,000m2 warehouse at its London-Heathrow hub, doubling its capability to handle premium shipments. Additionally, the business made upgrades at its Madrid facility, increasing capacity for importing fresh produce into Europe.

IAG Cargo also completed the opening of additional pharmaceutical stations in Cincinnati and Cape Town, bringing the total number of certified Constant Climate stations to just over 100 globally. Leveraging key partnerships remained a priority for the business, providing customers with the ability to link shipments across a range of carriers connecting into the IAG Cargo network.

David Shepherd, Chief Executive Officer at IAG Cargo said: “Against a challenging macro-economic backdrop and unforeseen disruptions within the cargo industry, we remained laser-focused on future- proofing our business through investing in premium products, upgrading facilities and upskilling our talented workforce. As a result, the business continues to perform well against pre-pandemic levels.

My priority for the year ahead is to build on this momentum, improving how we deliver for customers whilst ensuring our people grow with us”.


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.

In 2023, the business expanded its global reach to include: London to Cincinnati, Aruba, Guyana, and Ghana as well as Madrid to Doha. The business was named Top Employer 2024 in the UK by the Top Employers Institute.

Sustainability remained a top priority for IAG Cargo, which successfully began the transition of its ground fleet in London to HVO fuel as part of its commitment to reduce emissions and become a more sustainable logistics business. The adoption of e-air waybills has significantly reduced the carriage of paper with the majority of air waybills handled electronically by the end of 2023.

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