IAG Cargo has reported revenues of €432m for the first quarter of 2022; an increase of 23.4% on the same time in 2021.
This positive first quarter for the cargo division of IAG (International Airlines Group) for the period from January 1 to March 31 2022 follows a record year in 2021.
The results represent an increase of 18.6% at constant currency versus the same period last year.
Overall yield for first quarter 2022 was up 2.3% at constant currency versus the same period in 2021.
In first quarter 2022 sold tonnage was up 19% on the same period in 2021. Demand was particularly high between Europe and the US for key industrial goods, including automotive parts, with IAG Cargo increasing the availability of widebody aircraft on European feeder lanes into Heathrow.
E-commerce has also remained a major driver of growth for IAG Cargo, with high volumes being shipped into North America.
IAG Cargo’s Constant Fresh product, for perishable shipments, saw revenues growing 47% versus the same period in 2021.
The return to more widespread passenger flying has also provided a boost to cargo, with new routes opening up and capacity on important trade lanes increasing. In the first quarter, the business was able to restart cargo flights to Australia.
IAG Cargo also continued to transport items usually associated with oceanfreight as disruption to shipping persists. During this period the business also donated over 125 tonnes of capacity in aid shipments to Ukraine, working with global charities including the Spanish Red Cross and Project HOPE to move goods like blankets, kitchen equipment and medical supplies into the region.
IAG Cargo managing director David Shepherd said: “IAG Cargo has had another busy quarter. The global economy is increasingly moving on from the confines of the Covid-19 pandemic. Trade and confidence are clearly increasing. At IAG Cargo we are seeing trends that first emerged during the pandemic continue to drive growth, with ecommerce as a stand-out example.”