SUPPLEMENT


than delighted to welcome them back after a six-year gap. In fact, our joint contract was never terminated during all this time, which goes to show the value that trust and reliability create in a partnership,” says Globe Air Cargo Bulgaria managing director, Tania Mlechenkova. “It was clear from our initial face-to-face tender meeting, 16 years ago, that our two companies share a strong common interest in providing exceptional customer service through long-term stability and expertise. That is the credo we follow.”


Financials GSSAs like ECS and Kales have been focusing on providing more comprehensive


services beyond traditional


sales, including handling operations, business intelligence, and financial management


for


airlines. This shift is also reflected in their financial results, where these companies have reported strong revenue growth, particularly in regions where they have recently expanded. The


financial performance of air


cargo GSSAs has been closely tied to global air cargo trends, with the post-COVID environment normalising after


the surge in


cargo volumes and prices during the pandemic. The demand for streamlined, efficient cargo management has pushed GSSAs to innovate and invest in digital tools and advanced services, further driving their financial results in 2024. In 2024, ECS Group, for instance, one of the companies


largest GSSA globally, reported


substantial revenues of around $530 million in 2023. This was due to its strategy of acquiring


“The demand for


streamlined, efficient cargo management has pushed


GSSAs to innovate and invest in digital tools and advanced services, further driving their financial results in 2024.”


other companies and expanding its services beyond traditional GSSA roles to include advanced technological offerings, such as digital freight management and optimisation tools. However, there have been concerns over profitability due to the pressure of high costs and low margins, as noted by industry insiders. Meanwhile, the GSSA sector as a whole has been dealing with challenging market conditions,


including decreasing yields and excess capacity in


2024, which has affected financial performance. In summary, while GSSA companies have been expanding and evolving


their service models to cope with current market challenges, the financial landscape remains mixed, with profitability under pressure from both operational challenges and the growing trend of airline self-management.


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