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Cargolux posts massive increase in 2020 net profits of US$770m

LUXEMBOURG freighter operator Cargolux, which last year celebrated its 50th anniversary, posted record net profits for 2020 as the loss of bellyhold operations boosted demand for all-cargo aircraft

02 May 2021 - 19:00
LUXEMBOURG freighter operator Cargolux, which last year celebrated its 50th anniversary, posted record net profits for 2020 as the loss of bellyhold operations boosted demand for all-cargo aircraft.

The company ended the year with a net profit of US$768.7 million - nearly four times its highest previous record of $211 million in 2018. Revenues totalled $3.17 billion, up 40 per cent on 2019, reports London's Air Cargo News.



Demand also increased for the airline as volumes in terms of tonnes sold increased by 9.7 per cent year on year in 2020 to 1.1 million.



As a result of the demand increase and passenger airlines seeing their cargo networks slashed due to lost bellyhold capacity, Cargolux is currently (in 2021) ranked fourth in IATA's ranking of the world's top 25 international scheduled cargo carriers.



Its load factor last year was up by three percentage points on a year earlier at 68.7 per cent.



The company said air cargo's role throughout the coronavirus pandemic positively impacted its results. '2020 was marked by the outbreak of the Covid-19 global pandemic that heavily impacted the aviation industry, including air cargo,' the carrier said.



'The outlook for the year was originally quite bleak with production halted in China, due to the outbreak of what ultimately resulted in the Covid-19 pandemic.



'The situation resulted in a significant shortfall in available air freight capacity due to the grounding of most, if not all, long haul passenger operations.



'We experienced unprecedented demand for the transport of PPE (Personal Protective Equipment) supplies as well as for other products which came to rely on air transport to keep logistics lines intact.'



At the end of December 2020, Cargolux's fleet of 30 aircraft comprised of sixteen Boeing 747-400 freighters (10 B747-400Fs and 6 B747-400ERFs) and fourteen Boeing 747-8 freighters.



Cargolux also announced the appointment of Christianne Wickler as Cargolux' new chairman of the board of directors, the first female to occupy the role.


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