IAG expects its strong financial performance to continue in the last quarter of the year after lifting operating profit 15% in the third quarter to over €2 billion ($2.15 billion).

The improved profit was achieved on revenues increased almost 8% to €9.33 billion in the three months ending 30 September, while net profit was 17% higher at €1.43 billion.

IAG British Airways

Source: Fasttailwind/Shutterstock

British Aiways led profitability in the third quarter

The group cites a strong demand in its core markets, supporting a 1% increase in passenger unit revenue.

British Airways led profitability within the group, posting an operating profit before exceptional items of £830 million ($1.07 billion) – an increase of £251 million. Iberia and Vueling profits were up slightly to €454 million and €292 million respectively.

Aer Lingus, which was hit by strike action during the summer, was the only IAG airline unit where profits slipped in the quarter. The Irish carrier’s profit of €139 million was down €57 million.

IAG Q3 operating result by airline
AirlineQ3 2024 operating profitQ3 2023 operating profit
 Source: IAG Q3 report; operating result before exceptional items
British Airways £830m £579m
Iberia €454m €449m
Vueling  €292m €282m
Aer Lingus €139m €82m
IAG total €2,013m €1,745m

IAG chief executive Luis Gallego says  “We are delivering on our commitment to provide sustainable returns for shareholders. Demand remains strong across our airlines and we expect a good final quarter of 2024 financially.”