Afcom Holdings to begin commercial operations

 Afcom Holdings, the Chennai-based all-cargo airline that will operate Afcom Cargo, announced that its Boeing 737-800 received a grand water cannon salute at the Chennai International Airport.

"Connecting our new destination between Chennai and Bangkok, the milestone marks a new chapter in enhancing trade connectivity and ensuring seamless cargo transit for businesses across the region," says a LinkedIn post.

Afcom has leased two Boeing 737-800 converted freighters with a capacity of 22 tonnes each from Ireland-based Spectre Air Capital with a lease period of 96 months w.e.f March 11, 2024.

Afcom has also signed a general sales and service agency (GSSA) agreement with TT Group from January 2025. “We are thrilled to announce our new role as the Global GSSA for Afcom Holdings, starting January 2025,” TT Group said in a LinkedIn post. “With our extensive network and cutting-edge technology, we are set to enhance air cargo management globally.”

"This partnership strengthens our ability to provide seamless and efficient logistics services. The added capacity allows us to better serve our clients and explore new opportunities in the logistics and aviation sectors."

Afcom is listed on the Bombay Stock Exchange (BSE) with a market capitalisation of Rs 2,522 crore. The company reported sales of Rs 89 crore for the half year ended September 30, 2024 with a net profit of Rs 19 crore.

The stock made a bumper listing in August 2024 at Rs 205, a gain of over 90 percent as against the issue price of Rs 108. The Rs 74 crore IPO was subscribed over 300 times, and the stock is now trading at Rs 1,015.

The promoter group (chairman Deepak Parshuraman, Manjula A, Thiagaraja, R Kannan and Jaganmohan Manthena together) hold over 1.06 crore shares (nearly 43 percent).

Afcom plans to offer transport of general cargo, fresh, pharma, dangerous goods and high value cargo.

TT Logistics and Cargo, the flagship of TT Group, was established in 1984, "and has carried everything from aircraft engines to precious artwork to baby elephants. It is one of India’s largest and longest serving GSSAs with over 150 professionals across 11 locations including India, Japan and Hong Kong," says an official update.