Fewer passengers, but freight activity in the green for CFL in 2020, a year marked by the health crisis  Shutterstock

Fewer passengers, but freight activity in the green for CFL in 2020, a year marked by the health crisis  Shutterstock

Admittedly, it was far from the €17.8m posted in 2019, but 2020 was a year marked by the health crisis. The result: the CFL Group ended the year with a net profit of €4.6m, "considered satisfactory", according to its Monday press release.

In detail, the Luxembourg-based group saw its net turnover increase 0.6% to €915.8m last year. The freight segment generated a contribution of €234.4m to sales (-6%) for a consolidated net profit of €800,000.

Half the number of passengers on trains

Unsurprisingly, passenger activities suffered from lockdown measures, then from the use of teleworking, falling from 25m to 14.5m passengers in one year.

However, the operator is pleased with a punctuality rate which increased to 94.5% for the year as a whole, compared to 90% in 2019.

As for the net profit divided by three in one year, CFL points out that the 2019 financial year was boosted by non-recurring real estate transactions. Excluding them, the result comes to €5.3m, which shows an annual drop of 13%, in line with company forecasts estimating a contraction of 15% a year ago.

The group also emphasises the 11.9% rebound in investment spending, to €77.8m in 2020. The network is being modernised, and travellers have already started to take notice, whether due to the impact of the new footbridge at the Luxembourg City station, but also new train sets ordered from Alstom, to name just a couple of examples.

CFL is the second largest employer in Luxembourg according to Statec, with 4,844 employees. The group states that 310 new recruits joined its ranks in 2020.

This article was originally published in French on Paperjam and has been translated and edited for Delano.