Skift Take
IAG says the healthy numbers show robust and sustained demand for air travel - a trend it sees continuing into 2024.
The owner of some of Europe’s best-known airlines more than doubled its operating profit last year. International Consolidated Airlines Group (IAG) - the parent company behind brands such as British Airways and Iberia - posted results comfortably ahead of market expectations.
Profit excluding exceptional items was €3.51 billion ($3.81bn) in 2023. This compares with €1.25 billion ($1.36bn) a year earlier and even beats the €3.25 billion ($3.53bn) recorded in 2019. The results suggest sustained strength, as opposed to an off-trend blip.
In 2023, capacity at IAG was 95.7% of pre-pandemic levels. This rose even further in the final quarter to reach 98.6%. Additional growth of arou