IAG Cargo reports strong financial results for 2020

©IAG Cargo

IAG Cargo has reported its 2020 full-year results, reporting commercial revenues of €1,306 million over the period from January 1 to December 31, 2020, an increase of 18.5% on 2019 at constant currency.  Overall yields for the year were up 94.6% on the same time last year at constant currency. Sold tons were down 34.9%.  

IAG’s top priority was to maintain a broad network and product proposition for cargo customers despite the pandemic. Without a freighter fleet, the company adapted its operations and established a comprehensive network of scheduled cargo-only flying, using the group’s passenger aircraft. Markets most in need of air cargo supply were identified, where the demand could support the yields required to cover the costs of cargo-only-services. 

In March IAG assembled a charter team to develop dedicated capacity solutions for customers and governments. During the year it operated over 1,000 charters and removed the seats from five passenger aircraft to create even more capacity for its customers. The business saw a very strong end to the year with Q4 commercial revenues of €389 million (US$471 million) up 36.6% at constant currency.  Q4 saw higher demand leading up to Christmas, benefitting from e-commerce, pharmaceuticals and automotive shipments.

With the international focus on fighting COVID-19, IAG moved over 20,000 tons of PPE in 2020 and large quantities of sanitizer, ventilators, and COVID-19 testing kits alongside its regular movements of food, medicines, high-tech, and parts for industry.

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