The Cathay Group has reported a robust financial performance for 2024, with Cathay Cargo playing a pivotal role in driving growth, particularly in the second half of the year as e-commerce demand surged.
According to the Group’s annual results released today:
- Cathay Cargo’s tonnage climbed 11% compared to 2023.
- Cargo yields improved by approximately 3%, reflecting resilience in the market despite ongoing global challenges.
- Lower fuel prices and enhanced cost efficiencies contributed significantly to profitability, with the average into-plane unit price of fuel (excluding hedging) more than 9% lower year-on-year.
With the increase in both cargo and passenger operations, Cathay successfully reduced its cost per available tonne kilometre (ATK) (excluding fuel) by 4.5%, spreading fixed costs over a larger capacity base.
E-Commerce Fuels Growth in Air Freight
Cathay Cargo’s strong year-end performance highlights the growing demand for cross-border e-commerce, which remains a critical driver of air freight markets across Asia and beyond. The airline’s focus on premium cargo products, expanded network reach, and operational efficiency has further strengthened its market position.
Commitment to Future Growth & Hong Kong’s Aviation Hub
Looking ahead, Cathay is investing over HK$100 billion to support the launch of Hong Kong’s Three-Runway System, reinforcing its commitment to boosting both air travel and cargo capacity.
Key strategic plans for 2025 include:
- Expanding Cathay’s global network with 11 additional destinations already announced, with more to follow.
- Cathay Pacific and HK Express will operate passenger services to over 100 destinations worldwide by the end of the year.
Cathay Group Chairman Mr. Healy emphasized the airline’s dedication to strengthening Hong Kong’s status as a world-class international aviation hub, stating:
“Our financial performance gives us the confidence to invest in the future. As Hong Kong’s home airline group, we look forward to connecting Hong Kong, the Chinese Mainland, and the world.”
He also expressed gratitude to Cathay’s employees, customers, shareholders, and the Hong Kong SAR Government for their ongoing support.