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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