IAG says 2023 net profit soars sixfold
Airline group IAG, parent company of British Airways, Iberia, Vueling, Aer Lingus and LEVEL, announced Thursday that it would increase its annual profit sixfold in 2023 to 2.7 billion euros ($2.9 billion), driven by strong travel growth.
Net profit in 2023 increased sixfold from 431 million euros ($466 million) in 2022, the group said in a statement.
In 2023, IAG “doubled its margin and operating profit compared to 2022” and the conglomerate regained “capacity close to pre-Covid-19 pandemic levels in most of its major markets,” said its CEO, Luis Gallego.
Group revenues grew by almost 28% to EUR 29.5 billion (USD 32 billion).
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The company posted an operating profit of €3.5 billion (US$3.8 billion), up from €1.3 billion (US$1.4 billion) the previous year.
IAG regained passenger capacity of 95.7% above 2019 (pre-pandemic) levels last year, up nearly 23%, and hired 13,000 people.
The group announced in February 2023 the acquisition of Air Europa for 500 million euros (US$541 million), making a project it had been pursuing for years to strengthen its links with Latin America and make Madrid one of the main European hubs a reality.
IAG says that “demand remains solid,” especially for leisure travel in 2024. Seats are “92% booked” for the first quarter, it said.
With information from AFP
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