International Airlines Group (IAG), the parent company of British Airways, has announced a record profit of £1.1 billion (US$1.42 billion) for the first half of 2023.
The company’s £1.1 billion profit represents a vast improvement on the £383 million ($492.6 million) loss reported over the same six month period last year. IAG also owns Spanish flag carrier Iberia, Irish flag carrier Aer Lingus, and low-cost carrier Vueling.
IAG said that capacity across all of its airlines is currently at around 94% of pre-pandemic levels, with profits being boosted by the fact that fares have increased by an average of 9.5% compared to fuel price increases of just 5.7%. It also added that it aims to reach pre-pandemic passenger levels by the end of the year.
The record profits have helped IAG to reduce its net debt by around 27%, from £8.92 billion ($11.47 billion) at the end of December 2022 to £6.52 billion ($8.39 billion) by the end of June 2023.
Luis Gallego, the CEO of IAG, attributed much of the rebounding passenger demand to the leisure travel sector. “Our strong profits since the start of the year are helping to fund investment for our customers and to improve our balance sheet by reducing debt,” said Gallego. “We are aiming to be back to pre-pandemic capacity at the end of this year. These results are thanks to a strong performance from all companies across the Group, and we would like to thank our teams for their hard work during the year so far.”
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