Cargojet surpassed C$1bn in annual revenue for the first time in 2024, marking a 14.1% year-on-year increase. However, the Canada-based freighter operator anticipates a slower growth rate in 2025 due to trade uncertainties.
2024 Financial Highlights:
📈 Revenue: C$1bn (+14.1%)
💰 EBIT: C$137.8m (+166.3%)
📊 Net Earnings: C$108.4m (+190.6%)
The strong revenue performance was driven by:
✅ C$20.9m increase in domestic network revenues (boosted by e-commerce and B2B demand)
✅ C$36.5m growth in ACMI operations (short-term aircraft deployments & extra flying)
✅ C$58.7m jump in charter revenues (China-Canada scheduled charter services & ad hoc flights)
Despite expenses rising by 4.8%, revenue growth outpaced costs, leading to higher profitability.
Fleet Expansion & 2025 Outlook
Cargojet will introduce four new Boeing 767 freighters in 2025:
✈️ Three 767-300s (currently under conversion)
✈️ One factory-built freighter (delivering by Q1)
Meanwhile, a leased Boeing 767-200 will be returned in April 2025 to maintain an optimized fleet size.
Cautious Growth Expectations
Cargojet expects continued revenue growth in 2025, albeit at a slower pace, citing:
⚠️ Uncertainty around trade tariffs & potential trade wars
⚠️ Possible impact on global air cargo demand
With feedstock available for additional freighter conversions, Cargojet is strategically positioning itself for long-term expansion while balancing market risks.