Aviation group IAG, the parent group of British Airways, also notices that the aviation sector is recovering well from the corona crisis.
The group, which also owns the Irish Aer Lingus and the Spanish companies Iberia and Vueling, made a profit again last year after losing billions in 2021. Last week, the French-Dutch competitor Air France-KLM also reported a solid gain in 2022, thanks to air traffic recovery after the corona pandemic.
International Airlines Group (IAG) posted a net profit of EUR 431 million last year after losing EUR 2.9 billion in 2021. However, according to CEO Luis Gallego, 2022 was a year of solid recovery, driven by continued demand for leisure travel and the reopening of the markets.
Despite the global macroeconomic uncertainties, the CEO is optimistic about this year, and the company continues to see “robust bookings”. For 2023, the airline group expects a further increase in profit to a level of between 1.8 billion and 2.3 billion euros.
Before the annual results, IAG announced it would acquire the Spanish Air Europa for 400 million euros. Since August, the aviation group has already had a 20 percent interest in Air Europa. The acquisition is driven by IAG’s confidence that travel demand will continue to recover from the pandemic.