The company, which has increased its revenue by 8%, will have to pay 50 million to Globalia as compensation after ending the merger agreement
1 ()
IAG posted net profit of €905 million in the first half of 2024, down 1.7% from €921 million in the same period last year, the company reported on Thursday, which also announced that it is resuming dividend payments.
The group posted an operating profit of €1.309 billion in the first half of the year, up 3.8% from €1.26 billion a year earlier.
In addition, the board of directors of the holding company approved on Thursday the distribution of a gross cash dividend of 0.03 euros per share on account of the financial results for 2024, which will be distributed next September. The company thus resumes the payment after five years, since 2019.
Payment will be made through Banco Santander, in its capacity as payment agent, and will be paid from 9 September, with a net amount of 0.0243, after tax withholding (19%).
IAG has communicated its results to the National Securities Market Commission (CNMV) on the same day that it notified the end of the agreement by which it undertook to acquire the remaining 80% of Air Europa from Globalia, considering that continuing with the operation “would not be in the best interest of the shareholders.”
With the termination of the agreement, IAG will have to pay 50 million euros to Globalia as compensation, as agreed in the purchase agreement.
IAG will maintain its 20% stake in Air Europa, acquired in August 2022.
Between January and June, the company’s revenues amounted to 14.724 billion euros, representing an increase of 8.4% compared to 13.583 billion euros in 2023.
Revenue per seat kilometre (AKO) increased by 2.9% in the first half of the year, reflecting strong travel demand and the attractiveness of its brands.
Unit costs excluding fuel increased 1.8%, reflecting 2023 salary increases and investments in the business, offset by lower costs related to operational disruptions.
Fuel expenditure, on the other hand, increased by 7.4% to €3.814 billion, due to a slight year-on-year reduction in the average price of hedges and the increase in capacity, as well as the impact of the increase in the costs of the emissions trading scheme.
As of June 31, IAG’s net debt stood at €6,417 million, 30.5% less than at the end of 2023, benefiting from seasonal inflows of working capital, while financial debt stood at €16,115 million (+0.21%) and liquidity rose by 13.2% to €13,168 million.
Likewise, the number of passengers transported in this period was 58.2 million (+7.2%), with an occupancy factor of 85%, 0.9 percentage points more than in the first half of 2023.
Add Comment