IAG Cargo, the cargo division of IAG (International Airlines Group) has reported its financial results for Q2 2022, with revenues of €411 million for the period from April 1 to June 30, 2022. The Q2 results take IAG Cargo’s half-year revenue to €843 million, up 9.6% on the first half of 2021.
IAG Cargo’s Q2 2022 tonnage was up 4.6% whilst overall yield saw a reduction of 2.0% at constant currency versus the same period in 2021, despite the return of passenger led capacity.
The business now offers more destinations into North America from London-Heathrow than pre-pandemic. Route expansion included opening a new service to Portland from London-Heathrow and new services into Dallas and Washington from its Madrid hub, while the business has also restarted services into Pittsburgh. Globally, IAG Cargo continues to expand its network and from its Madrid hub the business has added eight destinations since 2019.
The group’s ability to facilitate route expansion has been vital for the global transport of key goods, notably within the automotive, agricultural and perishables sectors. Additionally, since the start of the year lanes into North America have also supported the transportation of over 3,000 tonnes of milk powder as the U.S. grapples with an infant formula shortage. (£1.00 = €1.19 at time of publication).
