News / Cargolux announces record financial results as 2020 profits soar

If Cargolux’s results are a bellwether for all cargo airlines, then there will be a lot of extremely happy freighter operators.

The Luxembourg carrier, which celebrated its 50th birthday last year, has announced record 2020 results: a net profit after tax of $768.7m – nearly four times its highest previous record of $211m, in 2018.

Revenues were $3.17bn, while its ebit margin was 31.3%.

The company noted, with some significant understatement: “Cargolux’s balance sheet was further strengthened by the result achieved”.

Interestingly, in a ...