CÉSAR URRUTIA MADRID

MADRID

Updated Thursday, February 29, 2024-12:11

International Airlines Group (IAG), the holding company that owns Iberia, British Airways, Vueling and Iberia Express among other companies, managed to turn around last year the deep crisis into which it was dragged by the 2020 pandemic and the suppression of flights around the world.

With all its fleets already practically operational (the capacity on offer was 97% of that of 2019), the company led by Luis Gallego multiplied its profits after taxes by six, up to 2,655 million euros.

Therefore, 2024 will be the year in which the group will fully recover its pre-crisis capacity, a year in which it is awaiting authorization from the European Commission to take over Air Europa, its main rival at the Madrid Barajas airport. which was affected much more forcefully by the Covid crisis, to the point of requiring a bailout of more than 400 million euros from the State.

Also in Madrid, the company has reached an agreement to restructure Iberia's ground services division.

Demand, the group assures, remains strong this year, in which it has already sold 62% of the seats on offer until June.

The changes in Iberia will come with the replacement of the company's leadership.

The current president and CEO of Vueling, Marco Sansavini, will occupy the same positions in Iberia starting next April, as announced this Thursday by IAG.

He will replace Fernando Candela, who from that date will continue as CEO of Level, the low-cost, long-haul airline that operates in Barcelona and that this year will open a route to Miami.

In turn, the director of People, Corporate Affairs and Sustainability of IAG, Carolina Martinoli, will be the new CEO and president of Vueling.

Rates

Like practically the entire airline sector, it has benefited from strong demand in Europe while applying notable rate increases.

In total, revenue per passenger grew by 8.7%, mainly supported by leisure trips with first and business classes performing especially well.

The cost of fuel, one of the company's main costs, was very contained thanks to the insured contracts that airlines sign to cover themselves from market volatility.

Compared to 2022, the cost of fuel barely grew by 0.7%.