Cathay Group's Financial Success in 2024: A Year of Growth and Innovation

In a recent announcement by Pilotcenter.net News, the Cathay Group revealed a commendable attributable profit of HK$9.9 billion (US$1.27 billion) for the year 2024, hailing it as a "solid financial performance." This reflects a 1.02% increase from the previous year's net profit of HK$9.8 billion (US$1.25 billion). The Group attributed this success to various factors such as robust cargo demand, increased passenger volumes, reduced fuel costs, and enhanced cost efficiencies.

The financial report for 2024, released on March 12, 2025, highlighted the Group's consecutive years of strong financial performance, emphasizing the positive contributions from its airlines and subsidiaries. Despite a slight dip in attributable profit for the full year of 2024 (HK$8.8 billion compared to HK$9.2 billion in 2023), the Group's associates, including Air China and Air China Cargo, saw a notable turnaround from a loss of HK$1.6 billion in 2023 to a profit gain of HK$288 million in 2024.

Of particular note was the stellar performance of Cathay Cargo, especially in the latter part of the year, with an 11% increase in cargo tonnage and a 3% rise in yield compared to the previous year. Additionally, Cathay Pacific and HK Express collectively saw a significant surge in passenger numbers, transporting over 30% more passengers than in the previous year. However, both airlines faced challenges in terms of yield, with Cathay Pacific experiencing a 12% drop and HK Express encountering a larger decline of 23%.

In 2024, operational hurdles affected HK Express's profitability as a number of its Airbus A320neo aircraft were grounded due to widespread Pratt & Whitney engine issues. Nonetheless, despite these obstacles, the Cathay Group effectively managed to reduce its fixed costs per available ton kilometer (ATK) by 4.5% (excluding fuel) compared to 2023.

Cathay Group Chair, Patrick Healy, expressed confidence in the Group's trajectory, noting ongoing initiatives such as the delivery of over 100 new-generation aircraft, the introduction of cutting-edge cabin interiors like the Aria Suite and the all-new Premium Economy, as well as the rollout of innovative digital solutions. Looking ahead, Healy affirmed the Group's commitment to expanding its global network, with plans to add 11 more destinations in 2025 and operate flights to over 100 destinations globally by the end of the year. The future looks bright for the Cathay Group as they soar to new heights of success and innovation.