IAG Cargo reported revenues of €432 million for the first quarter of 2022 (1 January to 31 March). It said the results are a reflection of how IAG Cargo’s growing network has supported international trade, as the global economy recovers from the pandemic.
The Q1 revenues were up 18.6% at constant currency versus the same period last year. Overall yield for Q1 2022 was up 2.3% at constant currency versus 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 wide-body aircraft on European feeder lanes into Heathrow. Ecommerce 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 exceptional growth with revenues growing 47% versus the same period in 2021.
The return to more widespread passenger flying has also boosted cargo, with new routes opening up and capacity on important trade lanes increasing. IAG Cargo also restarted cargo flights to Australia.
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.”
The carrier also continued to transport items usually associated with sea freight 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 vital goods like blankets, kitchen equipment and medical supplies into the region.