The owner of British Airways has announced a £350 million share buyback, citing strong passenger revenue growth.
International Airlines Group (IAG) highlighted the North Atlantic as a key area of strength, especially for Britain’s flagship airline.
Higher passenger revenues boosted overall sales by 7.9% to €24 billion (£20 billion) in the first nine months of the year, while operating profit surged by 15.4% to €2 billion (£1.7 billion).
IAG faced ongoing challenges in other global markets, representing 15% of its total capacity. Passenger revenue in the Asia-Pacific region dropped by 15% as pre-Covid routes were reinstated.
The company projected full-year capacity growth of 6%, slightly below the 6.9% growth recorded in the first nine months up to September.
IAG CEO Luis Gallego stated, “We delivered a robust financial performance in Q3 2024, with a 15.4% increase in operating profit compared to last year and an improved margin of 21.6%.
“This reflects the success of our strategy and ongoing group-wide transformation.
“We are also fulfilling our promise of sustainable returns for shareholders. Demand remains strong across our airlines, and we anticipate a strong financial finish to 2024.”
