CFL is a state-owned enterprise and one of the largest employers in the country.
Photo by: Anouk Antony / Luxemburger Wort
Luxembourg’s state-owned rail company made record profits last year from € 4.6 million in the first year of the pandemic to nearly € 21 million, the company said Monday.
The company added that CFL’s net sales exceeded around € 1 billion for the first time in 2021 and increased by more than 9% from € 916 million in 2020.
State-owned enterprises are one of the largest employers in the country. Last year, the group hired 430 new staff and now has more than 4,900 employees.
The CFL said in a statement that the company’s freight business contributed significantly to overall performance, with profits of € 6 million, an increase of € 5 million compared to 2020. Last year, the company said it launched a transportation link between Bettenbourg-Dudrange Terminal and Rostock in northern Germany, connecting to the Scandinavian market and reopening freight routes with Poznan, Poland.
The number of passengers using CFL services increased from 14.5 million in 2020 to 16.6 million last year. However, these numbers have not yet reached the 25 million people who traveled on the CFL in 2019.
The company has invested € 288 million in the modernization, expansion and maintenance of its railway network, an increase of 11% compared to 2020.
The Luxembourg Times has a new mobile app. Please download from here. Deliver the Luxembourg Times to your inbox twice daily. Sign up for our free newsletter here.