HomeAir LineIberia and Vueling obtain record profits in 2023

Iberia and Vueling obtain record profits in 2023

IAG profits soar. The parent company of Iberia and Vueling concludes 2023 with a net profit of 2,655 million euros, six times more than in 2022, when it obtained 431 million (Iberia and Vueling drive IAG to record profits).

Its net debt is reduced by 1,140 million euros, mainly due to the recovery of profitability and the generation of operating cash flows. The group reaches total revenues of 29,453 million, which represents a year-on-year increase of 27.7% (in 2022 it stood at 23,066 million).

Luis Gallego, CEO of IAG, highlights that in 2023 “capacity recovered to approach pre-Covid levels in most of its main markets.” He also advances that “in 2024, we will implement our strategy, generating value in the business in the long term.”

“We will focus on strengthening our airlines and developing IAG Loyalty, as well as other low-capital-intensive growth opportunities, and we will do so while operating under a strong financial and sustainability framework. “Our airlines operate in the largest and most attractive markets in the world and we will continue to invest in our brands to transform the business, improve the customer experience and support the creation of sustainable growth and world-class margins,” he adds.

By airlines, the favorable evolution of Iberia and Vueling stands out, reaching record levels of operating profit, which according to IAG “reflects the strong passenger yields, which were able to offset the impacts of higher effective fuel prices and inflation ”. Iberia closes the year with an operating profit of 940 million, compared to 551 million the previous year, while Vueling goes from 201 to 396 million.

Source: Preferente

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