Air, Business, Freight News

IAG Cargo shows 18.6% revenue growth in Q1 2022

[ May 16, 2022   //   ]

IAG Cargo financial results for Q1 2022 show revenues of €432 million for the period from January 1 to March 31, 2022, representing an 18.6% increase at constant currency versus the same period last year. Overall yield for Q1 2022 was up 2.3% at constant currency versus the same period in 2021.
The results reflect how IAG Cargo’s growing network has supported international trade, as the global economy recovers from the pandemic.
In Q1 2022 sold tonnage was up 19% on the same period in 2021. Demand was particularly high between Europe and the USA for key industrial goods, including automotive parts, with IAG Cargo increasing the availability of wide-body aircraft on European feeder lanes into Heathrow. Ecommerce has also remained a major driver of growth for IAG Cargo, with high volumes being shipped into North America.
IAG Cargo’s Constant Fresh product, for perishable shipments, saw exceptional growth with revenues growing 47 per cent versus the same period in 2021.
The return to more widespread passenger flying has also provided a boost to cargo, with new routes opening up and capacity on important trade lanes increasing. In Q1 the business was able to restart cargo flights to Australia – a major milestone in the global recovery from COVID-19.
Commenting on the quarter’s financial results, IAG Cargo Managing Director David Shepherd said: “IAG Cargo has had another busy quarter. The global economy is increasingly moving on from the confines of the COVID-19 pandemic. Trade and confidence are clearly increasing. At IAG Cargo we are seeing trends that first emerged during the pandemic continue to drive growth, with ecommerce as a stand-out example.”
In Q1, IAG Cargo also continued to transport items usually associated with sea freight as disruption to shipping persists. During this period the business also donated over 125 tonnes of capacity in aid shipments to Ukraine, working with global charities including the Spanish Red Cross and Project HOPE to move vital goods like blankets, kitchen equipment and medical supplies into the region.