IAG CARGO REPORTS STRONG Q3 AS CAPACITY REBOUNDS ACROSS ITS GLOBAL NETWORK
• IAG Cargo reports Q3 2021 revenues of €405 million for the period from July 1 to September 30 2021
• Results represent an increase of 34.4 per cent on the same time in 2020 at constant currency
• Surge in capacity across IAG Cargo’s global network boosts activity, with IAG Cargo’s LHR-MAD airbridge playing a key role in facilitating global trade.
Today, IAG Cargo reports strong Q3 revenues of €405 million for the period from July 1 to September 30 2021, as activity accelerates back to 2019 levels, with the business aided by growing capacity and the breadth of its network.
The Q3 2021 revenues represent an increase of 34.4 per cent at constant currency versus the same period last year. Overall yield for Q3 was down 2.0 per cent at constant currency versus 2020. Sold tonnes were up 42.6 per cent. The results come on top of IAG Cargo’s half year revenue of €769m, delivering total revenue to date of €1,174 million in 2021; up 28.0 per cent on the same time last year.
The quarter’s success has been achieved through a sustained resurgence in the volume of flights offered by IAG Cargo. Overall, IAG Cargo has seen a 24 per cent increase in capacity on the previous quarter and a 62.2 per cent increase compared to Q3 last year. The increased activity reflects growing levels of global trade, as many economies experience recovery following the COVID-19 pandemic. New routes during the quarter included Nairobi, Istanbul, Male, Chennai, Vienna, Denver and Phoenix whilst many other lanes saw increased frequencies.
During the quarter, IAG Cargo’s ability to provide a fast, efficient and global service, connecting East to West, has been in high demand. IAG Cargo’s hubs in Heathrow, Madrid and Dublin have been pivotal, with a significant increase in interline activity. IAG Cargo also increasingly saw conversions from sea freight as shippers turned to air freight to minimise the impact of the well-publicised supply chain disruption.
Commenting on the quarter, David Shepherd, Managing Director at IAG Cargo said: “This quarter we have seen momentum build as IAG Cargo, and the global economy, begins to take increasingly confident steps towards a more buoyant future, as recovery from the COVID-19 pandemic continues to gain ground. The team’s resilience and commitment to put our customers first continues, and we are excited to enter into a new and ambitious phase of activity.”