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IAG earns 2,655 million in the heat of the tourism boom and anticipates a “robust” 2024

Date: April 14, 2024 Time: 21:21:01

At the pace of the recovery of air traffic, the IAG airline group presents a net profit of 2,655 million euros in 2023, which multiplies by six the 431 million recorded in the previous year, when the company once again saw profits after the losses of Covid . Supported by the high demand of air transport travelers, especially those related to tourist leisure, the entity recorded an operating profit before taxes of 3,507 million, in contrast to the 1,278 million registered in 2022.

After releasing its accounts, the group’s CEO, Luis Gallego, wanted to highlight the growth in its profits and operating margin “which will more than double compared to 2022.” An improvement, which Gallego attributes to the recovery of capacity, which “recovered until it was close to pre-Covid-19 levels” in most of the main markets in which its companies operate.

Looking ahead to this year, the company focuses on “implementing the strategy, generating value in the business in the long term.” Along these lines, its CEO explains that his growth plans involve “strengthening the airlines and developing IAG Loyalty, as well as other less capital-intensive growth opportunities.”

The results of Iberia’s parent company, the IAG group, come at a key moment for the company that wants to take control of Air Europa. To this end, it has already sent its correction plan to the European Commission to obtain approval from the community institution for the purchase of the dryer, as stated in the merger directory of the department headed by the Danish Margrethe Vestager. The British forwarded the commitment plan or ‘remedies’ in community jargon last Friday, February 23, after Brussels announced a month earlier the opening of an in-depth investigation into the operation.

The purchase plan was notified on December 11, 2023 to Brussels, which has 90 business days, that is, until June 7 of this year to make a decision, although it has the option of stopping the clock with extensions of between 15 or 20 business days. The Community Executive has until that date to rule on the matter and during this time it will evaluate whether the corrections sent by IAG are sufficient authorities to resolve the negative impact on prices and quality of services that Brussels had previously identified.

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Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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