IAG chief executive Willie Walsh said the figure for the year ending December 31, 2015, was in line with recent targets and exceeded those set in 2011.

He added once exceptional items had been taken out of the equation, the operating profit was €2.31 billion, a year on year increase of 125.3%.

After taxes, the airline group’s profit rose by 51.1% to €1.5 billion.

The figures came after IAG recorded a fourth quarter profit of €540 million excluding Aer Lingus and before exceptional items.

Walsh said: “We’re reporting very strong full year results  with an operating profit before exceptional items of [€2.34 billion] including  Aer Lingus.

“At constant currency, passenger unit revenue was down 3.5% with non-fuel unit costs down 3.9% and fuel unit costs down 17.2%.

“Aer Lingus has made a positive contribution of €35 million operating profit since it joined the group on August 18 last year.
 

“These results are in line with our recent target  and have exceeded our original 2015 operating profit target of €1.5 billion  that we set in 2011.

“It’s undoubtedly been a good year but it’s also been challenging with extreme volatility in the currency and fuel markets.

“The benefits gained from lower fuel prices have been partially offset by the stronger US dollar.

“In the quarter, we made an operating profit before exceptional items of €530 million including Aer Lingus.

“We’re pleased to confirm that the board is proposing a final dividend to shareholders of 10 euro cents per share, which brings the full year dividend to 20 euro cents, subject to shareholder approval at our AGM in June.”

Walsh added the airline is expecting to generate an absolute operating profit increase this year similar to 2015’s.