British Airways owner International Consolidated Airlines Group is to begin buying back 350 million euros ($378.1 million) of shares from next week.

The company said the buyback would be structured through purchases of shares on the market and through shares held by Qatar Airways.

"Our strategy has delivered a strong financial performance, including the margin growth and significant free cash flow that are a fundamental part of our medium-term targets," the company also known as IAG said.

The company aims to buy back 262 million euros of shares in the market and 88 million euros of shares from Qatar Airways, IAG said.

Qatar Airways agreed to participate in the share buyback program to maintain its 25.143% stake in IAG, IAG added.

The buyback will begin on Monday and is scheduled to last until Feb. 28, IAG said.

Write to Pierre Bertrand at [email protected]