Cargolux Reports Record FY 2022 Net Profit of $1.6B on 14.7 Percent Increase in Revenue to $5.1B
Cargolux has reported a record financial result for the full financial year 2022. The company reported an annual net profit $1.6 billion on a year-over-year increase in revenue of 14.7 percent in revenue to $5.1 billion.
On Wednesday (April 26, 2023), Cargolux announced their financial results for the full year 2022 for the period ending December 31, 2022. The carrier reported a record annual net profit of $1.6 billion, a 21.9 percent increase over 2021, on a 14.7 percent year-over-year increase in revenue to $1.6 billion. During 2022, the closure of Russian airspace and Western sanctions impacted flight paths towards the Far East, resulting in longer sectors and higher operational costs. At the end of December 2022, Cargolux had a fleet of 30 aircraft, including 16 Boeing 747-400 Freighters (10 747-400Fs and six 747-400ERFs) and 14 Boeing 747-8 Freighters.
Global trade continues to be impacted by geopolitical tensions and the war against Ukraine, a situation that is unlikely to change in 2023. According to Cargolux, the return of post-pandemic belly-hold capacity, and the emergence of new industry players, including multi-modal companies, may pose a risk of overcapacity in an already declining market. Increasing pressures on airlines to reduce emissions must also be factored in as the industry faces a turning point. That said, Cargolux plans on continuing to invest in new technology and develop digitalization to drive supply chain improvements, and the company remains committed to becoming a leader in sustainable operations.
Luxembourg-based Cargolux is Europe’s leading all-cargo airline and operates a fleet of 30 Boeing 747-8 and 747-400 Freighters. The carrier’s worldwide network includes over 50 destinations on scheduled all-cargo and charter flights. Cargolux has more than 85 offices in over 50 countries and also operates an extensive global trucking network that serves more than 450 destinations. The Cargolux Group employs nearly 2,500 team members worldwide.