IAG Cargo, the cargo division of International Airlines Group (IAG) reports its financial results for H1 2024. The business reported commercial revenues of €566 million for the period from January 1 to June 30, 2024.
IAG Cargo’s H1 2024 tonnage was up 7.8 per cent, versus H1 2023; revenues represent a decrease of 6.1 per cent. Yields for H1 2024 were below those of H1 2023.
“We achieved solid results with year-on-year volume growth in a global market characterised by less supply chain constraint than we experienced last year,” said David Shepherd, Chief Executive Officer of IAG Cargo. “This positive momentum is a testament to our strategic investments across our business, which are already delivering substantial value, choice and flexibility for our customers.”
Investing in transformation for a stronger future
IAG Cargo has been actively implementing transformative initiatives across its operations, focusing on enhancing the customer experience and driving operational efficiency. The commitment to industry-leading standards is highlighted by IAG Cargo joining the IATA Digital Charter and signing up to the One Record protocol in Q2 2024, further streamlining data exchange and transparency within the air cargo supply chain.
“We are committed to leveraging technology to enhance our operations and are actively expanding our IT and digital team to accelerate these initiatives,” added Shepherd. “Our new pricing system is providing greater agility in offering market-relevant rates to our customers, while the implementation of a cutting-edge AI-powered camera solution at our London Heathrow hub is optimising efficiency in cargo loading planning and ultimately improving customer CiQ quality.”
Expanding network reach and capacity
During the first half of the year, IAG Cargo expanded its ground transportation solutions across North America and Europe, providing customers with greater flexibility and access to key gateways such as Madrid, Chicago, Los Angeles, and New York.
Further strengthening its commitment to providing best-in-class facilities, IAG Cargo completed a €1.5 million expansion of its temperature-controlled perishables facility in Madrid during the second quarter – enhancing the vital connection between LATAM and Europe for perishable goods. This latest investment is part of a broader €12 million investment in the Spanish hub over the past six years.
“Our investments in digital capabilities, network reach, state-of-the-art facilities, and most importantly, our people, are laying the foundation for sustained growth and a stronger future for IAG Cargo,” concluded Shepherd.
