air group IAG -Which groups are together? Iberia, British Airways, Vueling, Aer Lingus and Level– Adopts tourism reactivation to attract demand and increase results. After a record summer, the company 2.151 million profit after tax euro in the first nine months of the year, i.e. multiply by more than ten 199 million last year, above levels before the pandemic-induced pause.
“The third quarter represented a record result for IAG. This allows us to invest in the business and reduce a significant part of our debt,” he emphasized. Luis Gallego, CEO of IAG. “In the third quarter we saw strong and sustained demand on all our routes, particularly in the North and South Atlantic, and all leisure destinations in Europe. hubs from Barcelona, Dublin, London and Madrid, supported by fleet deliveries and future orders.”
Owner of Iberia and Vueling increased its total revenue by 33% to 22 billion 229 million euros It almost quadrupled its operating profit from last year to 3,005 million, according to data provided to the National Securities Market Commission (CNMV). In parallel, the company managed to reduce its gross debt to 17 billion 227 million euros at the end of September; This is 13.8% less than the amount accumulated by the end of 2022.
Between January and September, IAG airlines total 87.5 million passengers, 26% more, With an average occupancy rate of 85.9% of the quotas offered, this is 4.6 points higher than last year. The company emphasizes that bookings for the remainder of the year continue at a good pace and reflect the robustness of demand. “Global customer bookings for the fourth quarter are as expected, with approximately 75% of fourth quarter passenger revenue already booked.”
“We hope 2023 will be a year” Solid recovery of our margins, operating profit and balance sheet IAG drew attention to the statement, “We aim to reach the capacity levels before Covid 19,” from IAG, which predicts that it will manage to reach the highest level of 2019 by almost meeting the flight supply before the pandemic throughout the year. 96% of capacity was recorded in 2019 pre-covid.
Iberia leads growth
Among the airlines that are part of IAG are Spanish ones. Iberia It was the company that achieved the biggest growth in operating profit until September, with a 76% increase to 449 million euros. The former flag carrier managed to increase its revenue by 19%, with a capacity increase of 18% and unit revenue per passenger by 5%.
vueling It recorded a record operating profit of €282 million (+8.8%). The group emphasizes that the Barcelona-based company maintains its capacity at 2019 levels, and that negotiations are continuing to reach an agreement on a collective bargaining agreement with the pilots and sign a safe cabin crew contract at the beginning of the third quarter.
Operating profit British Airways 718 million euros, or 48.96% more. Capacity growth (+25%) focused on increased frequencies and higher capacity aircraft, as well as the rebuilding of the Asian network. Irish Weather Lingu It achieved operating profits of €196 million, up 41%, and total revenues rose 16%, leading to strong profit growth and an operating margin of 25.5%.