The Cathay Group has announced its annual results for the year 2024, showcasing a solid financial performance driven by stronger cargo demand, higher passenger volumes, lower fuel price and higher cost efficiencies compared with the previous year. Cathay Cargo performed very well in 2024, especially in the second half of the year with strong e-commerce demand being a key driver. Overall, cargo tonnage was 11% higher and yield was about 3% higher than in 2023.
Cathay Group Chair Patrick Healy said: “This second consecutive year of solid financial performance is a testament to the outstanding effort and dedication of our global teams. It has enabled us to complete buybacks, pay dividends to our shareholders, reward our people and commit substantial investments that will enhance the experience for our customers and benefit our home hub, Hong Kong.”
Healy continued: “We are excited about the future and remain firmly committed to strengthening the Hong Kong international aviation hub by boosting air travel and cargo capacity, and elevating our customer experience. Our cargo performance was strong, thanks in part to the additional belly space provided by our increased passenger flights, which enabled us to carry more cargo. Recently, Cathay Cargo has once again been named Cargo Operator of the Year by Air Transport World, the second time in three years. This achievement reflects the unwavering dedication of our team and our crucial role in maintaining Hong Kong’s status as a leading global air cargo hub. Our financial performance gives us the confidence to commit to investing over HK$100 billion to coincide with the launch of the Three-Runway System."
Cathay Cargo’s revenue in 2024 increased by 8.3% to HK$24,000 million. Available freight tonne kilometres (AFTKs) increased by 8.6%, owing to our increased passenger flight schedule providing more belly space for cargo. Traffic, measured in revenue freight tonne kilometres (RFTKs), increased by 5.0%. Total tonnage increased by 10.9% to 1.5 million tonnes. Load factor was 59.9% compared with 62.0% in 2023, and yield increased by 2.9% to HK$2.82.
"For Cathay Cargo, given the global geopolitical situation, we are cautiously monitoring any short-term impacts on air cargo demand. Nevertheless, we remain confident in the competitiveness of our air cargo business, bolstered by the opportunities presented by the Three-Runway System and the strength and flexibility of our business model."
