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Cargolux reports strong profitability in 2024, observes challenges for 2025

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Cargolux reports strong profitability in 2024, observes challenges for 2025
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Maxim Straus Executive Vice President & Chief Financial Officer | Cargolux

Luxembourg - Cargolux Group reported a positive net result for its 2024 financial year, marking the second-strongest performance in the company's history, aside from the COVID years. The group disclosed revenues of $3,324 million and a profit after tax of $448 million. According to the group, this financial outcome has enhanced its balance sheet amid market volatility.

Richard Forson, President & CEO of Cargolux, stated, "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."

During 2024, ongoing geopolitical tensions, including the war in Ukraine and conflicts in the Middle East, affected operational costs and customer confidence. However, global demand for e-commerce shipments helped drive a capacity shift to Asia, resulting in strong volumes despite disrupted seasonal trends. The demand for charter flights also contributed significantly to the year's results.

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Cargolux's operational initiatives included Luxcargo Handling assuming ground handling activities at Luxembourg airport and its subsidiary, Aquarius Aerial Firefighting, deploying on its first mission in Spain.

Looking ahead to 2025, Cargolux anticipates challenges due to U.S. import tariffs, geopolitical uncertainties, and new sustainability regulations impacting the aviation sector. Cargolux continues to monitor the global economic landscape as it celebrates its 55th anniversary this year. It operates a fleet of Boeing freighters and maintains a network covering over 75 destinations. It also has a robust sustainability program and employs nearly 4,000 people globally.

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