LONDON (AFP) – British Airways parent IAG announced yesterday that net profit surged six-fold last year, boosted by “strong” demand particularly from leisure travellers as the bounce back from COVID continued.
Profit after taxation jumped to EUR2.7 billion in 2023 from EUR431 million in 2022, the airline conglomerate said in a results statement, adding that revenues leapt by almost a third to EUR29.5 billion.
IAG, which also owns Spanish carrier Iberia, added that its “strong growth” was “underpinned by robust and sustainable demand”.
Operating profit before exceptional items nearly tripled to EUR3.5 billion.
The London-listed aviation giant added that it hired 13,000 new workers last year.
“In 2023, IAG more than doubled its operating margin and profits compared to 2022, generated excellent free cash flow and strengthened its balance sheet position, recovering capacity to close to pre-COVID levels in most of its core markets,” said Chief Executive Luis Gallego.
He added: “Our airlines operate in the largest and most attractive markets globally and we will continue to invest in our brands to transform the business, improve the customer experience and support the delivery of sustainable growth and world-class margins.”
