Magma Aviation enjoyed another set of "exceptional results" in 2022 although it warned a deteriorating air cargo market would hit performance this year.
The freighter operator reported record sales of $476.7m last year, an increase of 26% on 2021 levels, inflated by higher fuel prices.
Operating profits were down 5.5% to $49.6m and total profits slid 5.1% to $40.7m.
Block hours were down slightly on 2021 levels at 20,148.
While profits were down last year, they still compare favourably to pre-Covid 2019 when the company reported total profits of $3.3m.
"The company, for the third year running, produced exceptional results," the company said in its annual report.
"Air cargo markets in 2022 remained strong for the first six months, but steadily declined thereafter, leading to a lacklustre end of year and no noticeable peak season in Q4."
Magma, which operates five Boeing 747 freighters, said that using dedicated widebody freighters in certain markets had become more unattractive as the year progressed because of higher fuel prices (up 111% year on year in July 2022) and the return of belly capacity.
To meet the current challenging market conditions, the company would focus on its long-term business.
"The company strategy has always focussed on contracting long-term business as a high proportion of its overall business portfolio, and following that strategy gives the board confidence in the position that the company will find itself in at the end of the financial year 2023.
"Although weakened demand from the market will see a change in our flying programme in 2023 compared with 2022, the overall position will allow the company to focus on new long-term opportunities and supporting its global partners in ad hoc opportunities."
Magma added that it would also enter new markets this year and focus on technology to create efficiencies for customers.
On capacity, the freighter operator said that "further opportunities on increasing capacity sit closely on the horizon".
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