Cargojet has reported total revenues for the fourth quarter of 2021 of C$235.9 million compared to fourth quarter 2020 revenues of C$187.1 million. The cargo carrier’s gross margin for the quarter was C$76.7 million compared to 2020’s gross margin of C$69.3 million. Net income for the quarter was C$102.0 million (net income of C$33.4 million excluding warrant valuation gain) compared to net loss of C$20.5 million in 2020 (net income of C$27.4 million excluding warrant valuation loss).
Total revenues for the year were C$757.8 million compared to 2020’s C$668.5 million. Gross Margin for the year was C$230.9 million compared to C$250.5 million in 2020. Net income for the year was C$167.4 million (net income of C$88.4 million excluding warrant valuation gain) compared to net loss of C$87.8 million in 2020 (net income of C$90.1 million excluding warrant valuation loss).
Total revenue growth of 26.1% for the quarter compared to prior year reflected the results of the company’s previously announced diversification strategy that is helping deliver a balanced portfolio growth where each line of business is a strong contributor. Domestic network posted 18.2%, ACMI posted 26.6% and the Charter business posted 54.6% growth compared to the same period last year. Domestic Network Revenue for this quarter accounted for less than 45% of total revenues compared to over 47% for the same period in 2020.
“As we begin to prepare for the post-pandemic world, Cargojet now has a substantially larger base of business to build upon compared to its pre-pandemic size and scale. Building on the strong foundation of our domestic overnight network, we are aggressively diversifying to take advantage of the emerging growth opportunities.” said Dr. Ajay Virmani, President & CEO.
“Growth and success will require top talent and we are building a dedicated international team. At the same time, we will continue to have our current top talent stay focused on delivering exceptional service to our growing domestic network customers.” concluded Dr. Virmani.