Cathay Group reports $1.27B profit in 2024 due to ‘stronger cargo demand’

The Cathay Group has reported an attributable profit of HK$9.9 billion (US$1.27 billion) for 2024, calling it a “solid financial performance”. This marks an 1.02% rise in net profit against HK$9.8 billion (US$1.25 billion) posted in 2023. 

In its annual financial results for 2024, released on March 12, 2025, Cathay Group said that its second “consecutive year of solid financial performance” was driven by “stronger cargo demand, higher passenger volumes, lower fuel price and higher cost efficiencies.” 

The Cathay Group’s airlines and subsidiaries reported an attributable profit of HK$8.8 billion (US$1.13 billion) for the full year of 2024, down from HK$9.2 billion (US$1.18 billion) in 2023.  

Results from associates showed a full-year profit gain of HK$288 million (US$36.9 million), a significant improvement from a loss of HK$1.6 billion (US$205 million) in 2023. The Cathay Group’s associates primarily include Air China and Air China Cargo. 

The group announced that Cathay Cargo performed “very well,” especially in the second half of the year. Overall, cargo tonnage increased by 11%, and yield (income earned from an investment) rose by about 3% in 2024 compared to the previous year. 

Cathay Pacific and HK Express together transported over 30% more passengers compared to the previous year. Cathay Pacific’s yield dropped by 12%, while HK Express faced a larger decline of 23%, highlighting the fierce competition on regional routes. 

In 2024, HK Express dealt with temporary operational challenges that impacted its profits, as an average of five of its Airbus A320neo aircraft were grounded due to widespread Pratt & Whitney engine issues. 

With the increase in both passenger and cargo numbers, the Cathay Group managed to lower its fixed costs per available ton kilometer (ATK) by 4.5% (excluding fuel) compared to 2023. 

According to Cathay Group Chair Patrick Healy, the company has already “commenced taking delivery of more than 100 new-generation aircraft, as well as introducing new world-leading cabin interiors including Aria Suite and our all-new Premium Economy, new flagship lounges, and digital innovations.” 

“We are also continuing to expand our global network, having already announced 11 additional destinations for 2025 with more to come,” Healy added. “Together, Cathay Pacific and HK Express will operate passenger services to more than 100 destinations around the world within this year.” The post Cathay Group reports $1.27B profit in 2024 due to ‘stronger cargo demand’ appeared first on AeroTime.

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