12 hours Ago By Rytis Beresnevičius
Cathay Pacific group, which includes Cathay Pacific, Cathay Pacific Cargo, and HK Express, has published its 2024 results, saying that the company concluded the year with a solid financial performance driven by several factors. Slight profit improvement According to Cathay Pacific, the company ended 2024 with a net profit of HK$9.9 billion ($1.
27 billion), compared to a net profit of HK$9.8 billion ($1.26 billion) in 2023.
The year’s slightly improving results were primarily driven by “stronger cargo demand, higher passenger volumes, lower fuel price, and higher cost efficiencies compared with the previous year,” the airline said. In 2024, Cathay Pacific’s revenues were HK$104.3 billion ($13.
4 billion), a 10.5% year-on-year (YoY) improvement, driven by higher available tonne kilometers (ATK) and available seat kilometers, up 17% and 30.6%, respectively.
Revenue tonne kilometers (RTK) and revenue passenger kilometers (RPK) also improved compared to 2023, with RTK increasing by 15.1% YoY, while RPK increased by 26.8%.
Meanwhile, HK Express’ ASK and RPK surged 45.9% and 41.5% YoY.
However, both Cathay Pacific and HK Express’ revenue per ASK (RASK) decreased by 14.4% and 25.1%, respectively, as yields normalized as the group continued to add more capacity.
Cathay Pacific and HK Express carried 22.8 million and 6.1 million passengers in 2024, respectively.
Cathay Pacific made small changes to the number of weekly frequencies on some of its routes. Focused on the future Patrick Healy, the Chair of Cathay Pacific, said that the group achieved a number of milestones in 2024, including the fact that it had rebuilt connectivity from/to Hong Kong International Airport (HKG). Cathay Pacific finally reached 100% of its pre-pandemic flights in January 2025, which includes flights from Cathay Pacific and HK Express.
According to data from the aviation analytics company Cirium’s Diio Mi airline planning tool, in January 2019, Cathay Pacific, the airline , scheduled 1,909 weekly flights, which increased to 2,189 weekly itineraries in January 2025. Nevertheless, Healy pointed out that Cathay Pacific fully repaid the Hong Kong government for its bailout of the airline during the pandemic by buying back the remaining preference shares, which was in addition to paying dividends on those shares and buying back the warrants it had issued to the government. “I would like to thank the Government, its two Board observers, and all of our shareholders for the critical support they have provided Cathay.
” Healy highlighted that in 2024, Cathay Pacific also pledged to invest up to HK$100 billion ($12.8 billion) in new investments into Hong Kong International, coinciding with the airport launching the Three-Runway System (3RS), which went online in November 2024. “This major new investment programme reflects our absolute commitment [to] the Hong Kong international aviation hub, as we seek to increase air travel and cargo capacity and elevate customer experience.
” Cathay Pacific already has at least 72 firm aircraft in its backlog. Facing potential challenges Meanwhile, Ronald Lam, the Chief Executive Officer (CEO) of Cathay Pacific, who remarked that the airline completed its two-year rebuilding journey, warned that while the 3RS paves the way for an exciting era for the group and Hong Kong, there could be challenges ahead. “Of course, 2025 and beyond will not be without headwinds.
Trade conflicts as they develop could pose challenges to Cathay Cargo.” Lam added that supply chain challenges have continued to affect the aviation industry, impacting airlines with delivery delays. Still, the CEO expressed hope that Cathay Pacific and HK Express would operate flights to more than 100 destinations in 2025.
Furthermore, the executive highlighted the customer experience enhancements, including new Airbus A330 cabins and the “world-leading” first class experience onboard its incoming Boeing 777-9s “when the first new aircraft is delivered.” In 2024, Cathay Pacific launched the Aria Suites , its revamped business class seats on the 777-300ER aircraft. The event took place earlier today.
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