Cathay Pacific reported slight profit growth during 2024, recording an annual profit of HK$9.9bn ($1.58bn), up by 1% on year prior. The Hong Kong-based airline citied this growth to a strong financial result during the second half of the year, which was driven by increased cargo demand, passenger volumes, lower fuel prices and higher cost efficiencies compared with the previous year.
This was partly offset by a continued normalisation of passenger yields as the supply of flights increased to meet demand in the overall market as expected, the airline added.
In addition to profit, the airline posted a revenue of HK$104.3bn ($13.4bn), an increase of 10.5% when compared to the year prior.
Passenger revenue saw an increase of 11.9% during the year, up to HK$62.5bn ($8.04bn), in line with a 30.6% increase in capacity. In addition, cargo revenue also increased to HK$24bn ($3.08bn), an increase of 8.3% on 2023 results.
“2024 marked a significant milestone as we fully restored pre-pandemic flights and made substantial investments in our future growth,” Cathay CEO Ronald Lam said in a statement.
The airlines low-cost subsidiary HK Express reported a full-year loss of HK$400 million ($51.4 million) compared to a profit of HK$433 million ($55.7 million) the year prior.
Cathay noted that despite a 47.1% increase in HK Express passenger numbers during 2024, this reduction in profit was caused by intense price competition on regional routes pushing airfares down, and industry-wide issues with the Pratt & Whitney engines that power its A320neo fleet, which grounded some aircraft in 2024.
Cathay Pacific carried 22.8 million passengers in 2024, a 26.9% increase over 2023. The airline fully restored pre-pandemic flights in January 2025 and announced new routes to destinations including Dallas, Hyderabad, Munich, and Brussels as part of its expansion strategy. Despite this increase in traffic, passenger yields dropped 11.8%, reflecting increased competition and a higher supply of flights.
Additionally, Cathay Cargo reported 10.9% increase in tonnages, carrying 1.5 million tonnes. The airline cited strong e-commerce demand and electronics shipments for this increase.
Cargo yield improved 2.9% in comparison to 2023, although load factors slipped to 59.9% from 62% as available freight capacity expanded.
“We remain cautiously optimistic about air freight demand, though geopolitical risks remain a factor,” the airline said.
Cathay increased its dividend per share by 60.5% to HK69 cents ($0.09) and fully repaid a HK$9.75bn ($1.25bn) loan to the Hong Kong SAR government. The loan was part of a pandemic-era bailout package.
Looking ahead, Cathay Pacific stated that 2025 will bring headwinds in the form of trade conflicts impacting cargo operations and supply chain constraints. The airline emphasised that despite these challenges, it will not compromise the “safety and quality” of its operations.