The Cargolux Group looks back on a successful 2024 financial year, presenting its strongest results outside of the years marked by the COVID-19 pandemic. The company generated revenues of USD 3,324 billion and a profit after tax of USD 448 million. This result strengthens the cargo airline's financial position in an increasingly uncertain market environment.
Cargolux stated that several factors contributed to this positive result. Despite geopolitical tensions such as the war in Ukraine and the conflicts in the Middle East, which negatively impacted operating costs and efficiency, the company benefited from the increasing global demand for e-commerce shipments. This shift in capacity to Asia led to high cargo volumes throughout the year. In addition, record demand for charter flights also contributed to the result. Operationally, Cargolux recorded a 10,7 percent increase in block hours to 153.129 and a 12,7 percent increase in sold tons to 1.123.801.
The reporting year also saw operational innovations within the Cargolux Group. The subsidiary Luxcargo Handling (LCH) successfully took over ground handling from Luxair at Luxembourg Airport. In addition, Aquarius Aerial Firefighting (AFF), another subsidiary, began its first firefighting operation in Spain. Cargolux is cautious about its outlook for 2025. The introduction of import tariffs by the US and ongoing global uncertainties could negatively impact demand for air cargo capacity. Nevertheless, Cargolux looks back on 55 years of existence.
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