IAG has today reported a first half (H1) 2024 Net profit of €905 million or 17.3 euro cents per share on an 8.4 percent year-over-year increase in revenue to €14.7 billion. At June 30, 2024, IAG had cash, cash equivalents and interest-bearing deposits totaling €9.7 billion.
On Thursday (August 1, 2024), the International Consolidated Airlines Group (IAG) reported their first half (H1) 2024 financial results for the period ending June 30, 2024. The Group reported a first half 2024 net profit of €905 million or 17.3 euro cents per share on an 8.4 percent year-over-year increase in revenue to €14.7 billion. At June 30, 2024, IAG had cash, cash equivalents and interest-bearing deposits totaling €9.7 billion, plus committed and undrawn general and aircraft-specific financing facilities of around €3.5 billion, for total liquidity of approximately €13.2 billion, and net debt of €6.4 billion.
In Thursday’s announcement, IAG’s Chief Executive Officer, Luis Gallego, said,
“We see continuing strong demand for travel in the attractive core markets in which we operate: North Atlantic, Latin America and intra-Europe. We delivered a good performance in the first half of 2024, with operating profit €49 million ahead of the same period last year. We are pleased to announce a return to paying a dividend, which reflects our confidence in the business, our performance and our transformation. We are delivering on our strategy and our commitment to sustainable shareholder returns. We would like to thank our people working across the Group for their contribution to these positive results.”
IAG has also terminated the agreement with Globalia signed February 23, 2023, to acquire from Globalia the remaining 80 percent of issued share capital in Air Europa. In accordance with the agreement, IAG will pay Globalia €50 million as a break-up fee for terminating the agreement. IAG will continue to hold a 20 percent minority stake in Air Europa, which was originally acquired on August 16, 2022.
Commenting on the termination of the Air Europa agreement, IAG’s CEO, Luis Gallego, said,
“We believe this decision is in the best interests of our shareholders. IAG remains committed to its strategy, including competing effectively from its Madrid hub. This is a strategy which is delivering strong results. We will continue to develop our presence in Madrid so that the hub can develop as a rival to Europe's largest hub airports.”
During the first half of 2024, the Group took delivery of nine new aircraft, including six Airbus single-aisle aircraft and three Boeing and Airbus widebody jets. The new aircraft were delivered to Aer Lingus, British Airways and Iberia. Additionally, Vueling took delivery of five Airbus A320ceos on direct lease to backfill capacity linked to the Pratt & Whitney GTF engine maintenance issue. In total, IAG expects to receive 20 new aircraft in 2024 and 27 in 2025, with one Boeing 787 Dreamliner delivery moving from 2024 to 2025. The Group is also expecting to receive their first Airbus A321XLR delivery later this year. Iberia will receive the first aircraft, which will initially be deployed on routes from Madrid to Boston and Washington.
The International Consolidated Airlines Group (IAG) is one of the world’s leading airline groups and has a combined fleet of nearly 600 aircraft. The Group’s airlines include Aer Lingus, British Airways, Iberia, Level and Vueling. The company’s other subsidiaries include IAG Loyalty, IAG Cargo, and IAB Global Business Services (GBS).
Source: International Airlines Group (IAG) / RNS Number: 8764Y
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