Luxembourg-based cargo airline Cargolux announced on Wednesday a 2024 profit of $448 million, marking a $162 million increase over the previous year.
While this falls short of the record $1.6 billion earned during the pandemic-driven surge in 2022, the company described its latest results as an “exceptional” performance.
The 2023 profit stood at $286 million. Cargolux President Tom Weisgerber acknowledged that 2022 was an outlier due to extraordinary pandemic-related demand but emphasised that 2024 otherwise marked the airline’s most profitable year to date.
CEO Richard Forson attributed the strong results primarily to growth in online retail, noting a 1% increase in cargo volume on key routes between China, Hong Kong, the US, and Europe.
However, uncertainties loom for 2025. US President Donald Trump’s proposed policy change – set to take effect 2 May – could tighten tax exemptions for Chinese goods valued under $800, potentially disrupting e-commerce logistics.
Forson stated that it remains unclear how online platforms will adapt, though Weisgerber struck a measured tone, asserting there was “no need to panic.”
