Cargolux generated $3.3 billion revenue, $448 million PAT in 2024

Luxembourg-based all-cargo airline Cargolux registered its strongest results outside of Covid-19 years and generated revenue of $3.3 billion and Profit After Tax (PAT) of $448 million in the 2024 financial year.

In comparison, the airline reported revenue of $2.9 billion and net profit of $286 million in the 2023 financial year. During the Covid-19 pandemic affected year of 2021, Cargolux reported a record revenue of $4.4 billion and net profit of $1.3 billion.

“I am pleased to announce the exceptional results we have achieved in 2024. Our agile approach to business, and our people’s commitment to service excellence, enabled Cargolux to swiftly adapt to changing market dynamics, securing yet another remarkable year”, says Richard Forson, President & CEO of Cargolux.

Operationally, the year was marked by geopolitical tensions with the ongoing war in Ukraine and conflicts in the Middle East. “These conflicts and their consequences on global trade impacted both operational cost and efficiency as well as customer confidence,” the release reads.

In parallel, the global demand for e-commerce shipments led to a significant capacity shift to Asia and contributed to the strong volumes witnessed throughout the year. This market segment re-shaped global demand, especially out of Northeast Asia, disrupting traditional seasonal trends and making them more difficult to forecast. In parallel, the record demand experienced for charter flights, including for e-commerce, was also a major contributor to 2024’s results.

It also reads, “These favourable conditions, coupled with Cargolux’s agility, extensive experience, and unique ability to seize market opportunities, are reflected in the strong financial results for 2024.”

Luxcargo Handling smoothly took over Luxair’s cargo ground handling activities at Luxembourg airport on 1 May 2024, it reported.

In its outlook for 2025, the company noted that the imposition of import tariffs by the USA on its trading partners is expected to negatively affect demand for air cargo capacity and disrupt traditional trade lanes. “The resulting geopolitical uncertainty, coupled with the ongoing war in Ukraine and conflicts in the Middle East, also impacts operations as well as customer confidence.”

The increasing focus on sustainability and the introduction of regulatory changes also put pressure on the aviation sector. The measures effective in the European Union will impact the cost of operations and will also benefit non-EU carriers, who are not subject to such regulations in their home countries. “Authorities and industry players must work together to find suitable and viable solutions to ensure a sustainable future for the industry.”

The release reads, “The global economic landscape is presently highly volatile, and the outcome of these upheavals remains uncertain at this time. The situation is being closely monitored in order to make informed business decisions when required.”