International Consolidated Airlines Group S.A. (IAG.L), the multinational airline holding company, has reported a rise in its third-quarter profit after tax, achieving 1.44 billion euros compared to last year's 1.23 billion euros.
Total revenues for the third quarter increased to 9.33 billion euros, up from 8.65 billion euros the previous year. This growth was largely attributed to an increase in passenger revenue, along with improvements in cargo revenue and Maintenance, Repair, and Overhaul (MRO) revenues at Iberia.
Passenger revenue per available seat kilometer (ASK) for the third quarter rose by 1.2% over the same period in 2023, despite facing a particularly robust comparator from the prior year.
Additionally, the company has unveiled plans for a share buyback program amounting to 350 million euros. This initiative includes the purchase of shares valued at 262 million euros from market transactions, as well as 88 million euros worth of shares from Qatar Airways. The program will commence on November 11, 2024, and is scheduled to conclude by February 28, 2025.
Looking ahead, the company anticipates a capacity growth of approximately 5% for the fourth quarter and a total growth around 6% for the full year, while projecting strong financial performance to persist throughout the remainder of the year.
For 2024, the company plans to allocate roughly 3.1 billion euros for capital expenditure, with the delivery of 20 new aircraft, four of which are expected in the fourth quarter.
