The Cathay Group announced its annual financial results for the year 2024 on Wednesday, March 12.

The report highlights a solid financial performance driven by stronger cargo demand, higher passenger volumes, lower fuel prices, and improved operational efficiencies compared to 2023.

The Hong Kong-based airline reported an attributable profit of HK$9.9 billion for 2024, slightly up from HK$9.8 billion in 2023.

Similarly, the airlines and subsidiaries (excluding exceptional items) reported an attributable profit of HK$8.8 billion for 2024, down from HK$9.2 billion in 2023.

Cathay Group chair Patrick Healy stated that this marks the Group’s second consecutive year of solid financial success, attributing it to the dedication of their global teams.

“This has allowed us to complete share buybacks, pay dividends, reward our employees, and make substantial investments to enhance customer experience and benefit our home hub, Hong Kong.”

Group performance in 2024

Cathay Cargo showed particularly strong results in 2024, especially in the latter half, largely due to a surge in e-commerce demand.

Overall, cargo tonnage rose by 11%, and yields increased by about 3% compared to 2023.

Both Cathay Pacific and HK Express managed to carry over 30% more passengers year-on-year. As additional flights entered the market, passenger yields normalized, with Cathay Pacific experiencing a decrease of 12% in yield, and HK Express seeing a decline of 23%, indicative of intensified competition on regional routes.

Cathay remains committed to its dual-brand strategy which allows it to cater to various customer needs, with Cathay Pacific as their premium service provider and HK Express as the low-cost alternative.

Despite facing short-term operational challenges due to industry-wide engine issues affecting its fleet, the Cathay Group expressed optimism about HK Express’s long-term position as a low-cost carrier.

“We are enthusiastic about future growth and our commitment to investing over HK$100 billion to coincide with the launch of our new Three-Runway System,” said Healy, emphasizing a strategy to enhance air travel and cargo capacity.