The Cargolux Group (Cargolux) generated a positive net result for its 2024 financial year, registering the strongest results outside of COVID years.

The flag carrier cargo airline of Luxembourg generated revenues of US$3.32 billion and a profit after tax of US$448 million, strengthening the Group's balance sheet and bolstering its resilience in an increasingly volatile market situation.

"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.

The largest scheduled all-cargo airline in the world noted that operationally, 2024 was marked by geopolitical tensions, including the ongoing war in Ukraine and conflicts in the Middle East. These conflicts and their consequences on global trade impacted both operational costs and efficiency, as well as customer confidence. 

 [Source: Cargolux]

Boost from e-commerce

Cargolux said in parallel, the global demand for e-commerce shipments led to a significant shift in capacity to Asia and contributed to the strong volumes seen throughout the year. 

"This market segment reshaped global demand, especially from 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," the cargo carrier added.

Cargolux said these favourable conditions, coupled with the carrier's agility, extensive experience, and unique ability to seize market opportunities, are reflected in the strong financial results for 2024.

Meanwhile, Cargolux noted that Luxcargo Handling (LCH) took over Luxair's cargo handling activities at Luxembourg Airport smoothly on May 1, 2024.

The cargo carrier said that as a ground handler at the Luxembourg hub, LCH aims to ensure seamless service for all its customers. Investments are planned in both technology and infrastructure to enhance further and streamline ground operations.

Looking ahead, Cargolux said escalating trade tensions among major global economies and stricter EU regulations are expected to affect the air cargo outlook this year.

"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 cargo airline said in a statement.

It added that 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," Cargolux further said.

"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."

Cargolux called on authorities and industry players to work together to find suitable and viable solutions to ensure a sustainable future for the industry.

"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," it added.

In 2025, Cargolux marked 55 years of operation—a notable milestone in the air cargo industry's evolving landscape.