IAG Cargo, the cargo division of IAG (International Airlines Group) has reported record financial results for 2021, with annual revenues of €1,673 million for the period from January 1 to December 31, 2021. The results reflect the surging demand for air cargo capacity as global trade rebounds.
The 2021 revenues represent an increase of 30% at constant currency versus the same period last year. Overall yield for 2021 was up 11.3% at constant currency versus 2020. Sold tonnes were up 21.4%.
Throughout 2021, IAG Cargo reshaped its business to take advantage of the strong cargo market and actively repurposed Group capacity where appropriate. Demand for air cargo exceeded 2019 levels throughout 2021. The business continued to align its network to customer demand, supporting customers with cargo-led flying, increasing frequencies on important trade routes and implementing an active charter programme of 745 rotations.
In the second half of the year IAG Cargo saw momentum build with capacity starting to return as the economic recovery from the COVID-19 pandemic gained ground. IAG Cargo closed the year very strongly, achieving a Q4 record revenue of €499 million up from €389 million in Q4 of 2020. (£1.00 = €1.20 at time of publication).