Cathay Pacific closed 2024 with strong financial results, driven by rising passenger demand, higher cargo volumes, and cost efficiencies. The airline reported a net profit of HK$9.9 billion ($1.27 billion), slightly surpassing its 2023 earnings. Revenue climbed 10.5% year-over-year, reaching HK$104.3 billion ($13.4 billion), fueled by increased capacity and operational expansion.
Passenger numbers soared in 2024, with Cathay Pacific carrying 22.8 million travelers, while its subsidiary, HK Express, served 6.1 million. However, as the airline ramped up capacity, revenue per available seat kilometer (RASK) dropped. Despite this, Cathay Pacific regained its pre-pandemic flight levels by January 2025, restoring connectivity through Hong Kong International Airport.
The airline also fulfilled a significant financial obligation by repurchasing shares issued to the Hong Kong government during the pandemic. This move, along with ongoing investments, reinforced its commitment to strengthening its market position. In a bold step, Cathay Pacific pledged to invest up to HK$100 billion ($12.8 billion) into Hong Kong International Airport, aligning with the airport’s launch of its Three-Runway System in late 2024.
Looking ahead, Cathay Pacific faces challenges, including global trade tensions and supply chain disruptions. Delays in aircraft deliveries continue to impact operations, but the airline remains optimistic about expanding its network to over 100 destinations in 2025. Enhancements to customer experience, such as upgraded Airbus A330 cabins and a premium first-class offering on incoming Boeing 777-9s, also highlight its long-term vision.
With strategic investments and a focus on growth, Cathay Pacific is poised for an exciting future. The airline’s resilience and adaptability position it as a key player in global aviation, ready to navigate both opportunities and challenges in the coming years.
Related stories:
Catch up on the top stories and travel deals by subscribing to our newsletter!
Leave a Reply