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Travel Radar - Aviation News > News > Aviation > Airlines > IAG’s Financial Performance Resulted in Profit in the Second Quarter of 2024
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IAG’s Financial Performance Resulted in Profit in the Second Quarter of 2024

Amuthan Chandrarajan
Last updated: 11 September 2024 18:10
By Amuthan Chandrarajan 4 Min Read
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©British Airways
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IAG’s financial performance has led to a profit in the second quarter of 2024. In the three months up to 30th June 2024 the company made a profit of 909 million euros. This is a 9.8% less than the 1.008 billion euros profit made at the same time in 2023. This is a reduced profit and is also a worrying sign especially since the company made a loss in the previous quarter. Nevertheless, the company still made a profit which means the company still remains in the black.

Many airlines have been having issues over the past few years. During the pandemic demand for flights slumped and like many airline companies IAG’s financial performance also suffered. To make matters worse once restrictions were lifted there was a surge in demand for air travel causing mass congestion at airports and flight delays and cancellations as a result of staff shortages. This was due to mass layoffs during the pandemic when demand was less. British Airways, a subsidiary of IAG did in fact take a proactive approach in this by voluntarily cutting flight numbers at airports such as London Heathrow in order reduce the chaos before mandatory restrictions were imposed. However, problems with air travel have persisted with the Ukraine war and subsequent sanctions resulting in fuel price hikes as well as ensuing conflicts in the Middle East.

IAG has had a reduced profit. © British Airways

Improved Revenue

IAG’s financial performance has however resulted in an improved revenue in the second quarter of 2024. It appears that IAG’s revenue has increased by 7.8% from 7.694 billion euros to 8.295 billion euros over the last year for the same time period. The fact that revenue has increased but profit has decreased indicates that there are issues with cost control. It does appear that fuel costs as well as wage costs have increased which may explain this issue.

It does appear that the company has a strong demand for travel particularly in its markets of North America, Latin America and within Europe. I also personally noticed that on a British Airways flight I took recently from London to Budapest, the plane did appear to be more packed. So this may provide more scope for further IAG revenue increases in the future!

IAG has had issues with its costs © British Airways

Delivering Its Strategy

The company has announced the resumption of sustainable shareholder returns after what it feels as a strong IAG financial performance in the first half of the year. It aims to also improve profitability by transforming British Airways to improve customer satisfaction as well as to improve its Spanish businesses (Iberia and Vueling). In addition, it aims to improve its IAG customer loyalty scheme.

All in all, IAG’s financial performance has reduced in the second quarter of 2024 when compared to the same time last year. Nevertheless, the company still remains in the profit zone. The company however feels that IAG’s financial performance is strong. We have to wait to see how this progresses.

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Amuthan Chandrarajan
By Amuthan Chandrarajan
Aviation Reporter - Amuthan has a background in residential and commercial real estate. He also has a keen interest in aviation and travel and has visited many countries. Amuthan has a sound knowledge of business and finance.  He has gained a Master of Business Administration and has become a Chartered Management Accountant. 
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