(CercleFinance.com) – IAG announced on Thursday that it had more than doubled its operating margin in 2023 thanks to the recovery in the airline sector which allows it to display capacity levels close to those of 2019 in most of its markets.
The air carrier, which notably owns the companies British Airways and Iberia, generated operating income before exceptional items of 3.5 billion euros last year, compared to 1.25 billion in 2022.
Its operating margin thus reached 11.9%, compared with 5.4% in 2002.
The group adds that it generated a solid free cash flow (FCF) of 1.3 billion euros over the financial year and expressed a ‘positive’ outlook for 2024.
IAG says it is confident in generating significant ‘FCF’ while committing to delivering ‘sustained’ value creation and redistribution to its shareholders.
Its reservation rate for the first quarter already stands at 92% and 62% for the entire first half, levels above those which characterized the same periods of 2023.
Despite these good figures, IAG shares only rose 0.6% on Thursday morning on the London Stock Exchange. The stock had gained more than 10% over the past four months.
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