Air Canada Cargo reported record revenues last year as it gears for further growth with expansion in its footprint and more investments into cold chain.

The carrier saw freight revenues of nearly C$1.5 billion (US$1.17 billion) in 2021, compared with C$920 million (US$720) in 2020 which is an "all-time high."

For the first time, the cargo arm's yearly revenue surpassed C$1 billion (US$783 million), achieving C$490 million (US$383 million) in the fourth quarter of 2021.

"Air Canada Cargo has just concluded a year that saw it grow exponentially, solidifying our position as a market leader in growth over the last 24 months," said Jason Berry, vice president, Cargo, at Air Canada.

Air Canada  also operated a total of 10,217 cargo-only flights last year, compared to 4,235 cargo-only flights in 2020.

In October 2021, the airline announced the start of a C$16 million (US$12.5 million) project at its Toronto Pearson International Airport cargo facility to extend and improve Air Canada Cargo's cold chain handling capabilities for items like as pharmaceuticals, fresh food, and other perishables

The project is part of Air Canada's cargo expansion strategy, which involves the addition of more freighter aircraft, the establishment of dedicated freighter routes, and an expansion into the e-commerce delivery service.

Air Canada introduced its first Boeing 767 dedicated freighter to its operating fleet and by the end of 2022 it expects to have three more in service. 

"During the quarter, we welcomed our first Boeing 767-300 freighter aircraft, a milestone that will allow us to continue to deliver consistent cargo capacity to our customers on key trade lanes," Berry said.

"We continue to invest in key areas for Air Canada Cargo, expanding our footprint in Frankfurt, completing the first phase of enhancements to our cold chain facilities in Toronto and the continued development of Rivo in the e-commerce space."