Cathay Pacific has experienced a surge in passenger and cargo traffic in 2024, with the airline reporting a 27% increase in passenger numbers through November. November’s figures showed robust growth, particularly on routes to Japan, South Korea, and Southeast Asia, driven by school holidays and increased leisure travel.
In November, Cathay Pacific carried over 2 million passengers, a 23.1% rise from November 2023. The airline’s revenue passenger kilometres increased by 25.8%, and its load factor reached 83.5%, a 3 percentage point improvement. For the first 11 months of 2024, total passenger numbers reached 20.5 million, with a significant rise in available seat and revenue passenger kilometres.
Cathay Pacific’s cargo operations also remained strong, with November volumes up 15% year-over-year, reaching 142,601 tonnes. Cargo revenue tonne kilometres grew by 11.9%, and the load factor rose to 62.3%. Year-to-date cargo tonnage saw a 10.9% increase, driven by demand from e-commerce events and international shipments of perishables and machinery.
The airline’s premium cabin demand was bolstered by business travel, particularly from regions such as China and the Middle East. Cathay Pacific’s Hong Kong hub also attracted increased tourist traffic from Southeast Asia during school holidays.
Cathay Group, the parent company of Cathay Pacific, has completed its two-year rebuilding strategy and is on track to restore full pre-pandemic flight schedules by January 2025. The group has hired approximately 7,000 new employees in 2024 and plans to serve 100 destinations globally by 2025, including new routes to cities like Hyderabad, Dallas, Munich, and Brussels.
Looking ahead, Cathay Pacific expects continued growth, supported by strong cargo demand, lower fuel costs, and the expansion of flight capacity. The airline projects improved financial performance for the second half of 2024, with strong results expected from its subsidiaries.
The airline also made significant financial progress, reporting a gain of HK$0.5 billion from Air China’s A-share issuance. Despite a small dilution in its stake, Cathay Pacific anticipates stronger financial results in the second half of 2024.
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