IAG Cargo 2020 Financial Results

IAG Cargo announced 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 per cent on 2019 at constant currency.    

Overall yields for the year were up 94.6 per cent on the same time last year at constant currency. Sold tonnes were down 34.9 per cent.   

Lynne Embleton, CEO at IAG Cargo, commented “In 2020, the IAG Cargo team delivered exceptional results amid a  challenging economic and capacity environment.   

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

In March we assembled a charter team to develop dedicated capacity solutions for customers and governments. During the year we operated over 1,000 charters and removed the seats from five passenger aircraft to create even more capacity for our customers.  

The business saw a very strong end to the year with Q4 commercial revenues of €389 million up 36.6 per cent 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, we moved over 20,000 tonnes of PPE in 2020 and large quantities of sanitiser, ventilators and COVID-19 testing kits alongside our regular movements of food, medicines, high tech and parts for industry.   

Constant Climate, our cold chain service for transporting temperature sensitive pharmaceutical products, performed particularly well with revenue increasing by more than 10 per cent on 2019 and December saw us fly our first doses of COVID-19 vaccines.  

Looking ahead into 2021, with world-class cold-chain facilities including our new pharmaceutical centre in Madrid, IAG Cargo is well placed to continue to play a leading role in the global distribution of Covid-19 vaccines.”