Cathay Group Reports Solid Financial Performance for 2024
Cathay Group has announced an attributable profit of HK$9.9 billion (US$1.27 billion) for 2024, reflecting a 1.02% increase from the previous year’s profit of HK$9.8 billion (US$1.25 billion). The airline group described the result as a “solid financial performance,” marking its second consecutive year of growth. According to the group’s annual financial results released on March 12, 2025, the improvement in profitability was driven by factors including stronger cargo demand, higher passenger volumes, lower fuel prices, and increased cost efficiencies.
However, the airlines and subsidiaries under the Cathay Group reported an attributable profit of HK$8.8 billion (US$1.13 billion) for the full year, down from HK$9.2 billion (US$1.18 billion) in 2023. The group’s associates, primarily Air China and Air China Cargo, showed a significant improvement, with a full-year profit of HK$288 million (US$36.9 million), a strong recovery from the loss of HK$1.6 billion (US$205 million) in 2023.
Cathay Cargo performed exceptionally well, particularly in the second half of the year. Overall, cargo tonnage increased by 11%, and yield (income earned from investments) rose by about 3% compared to the previous year. This strong performance contributed significantly to the group’s overall profitability.
On the passenger side, Cathay Pacific and HK Express transported over 30% more passengers in 2024 compared to the previous year. Despite this growth, Cathay Pacific’s yield dropped by 12%, while HK Express experienced a more significant decline of 23%. These declines were attributed to intense competition on regional routes. HK Express also faced temporary operational challenges as a result of widespread Pratt & Whitney engine issues that grounded an average of five Airbus A320neo aircraft, further impacting the carrier’s profits.
The Cathay Group managed to reduce its fixed costs per available ton kilometer (ATK) by 4.5% (excluding fuel) compared to 2023, thanks to the increase in both passenger and cargo volumes. This efficiency gain helped offset some of the yield declines and operational difficulties.
Cathay Group Chair Patrick Healy highlighted several key initiatives the company has undertaken to improve its offerings and expand its network. These initiatives include the delivery of more than 100 new-generation aircraft and the introduction of new cabin interiors, including the Aria Suite and an all-new Premium Economy class. The group is also enhancing its passenger experience with new flagship lounges and digital innovations.
Cathay Pacific and HK Express have announced 11 additional destinations for 2025, with more to follow. By the end of 2025, the two airlines will operate passenger services to more than 100 destinations globally, underscoring the group’s ongoing expansion strategy.
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