The Cathay Group has announced a strong finish to 2024, marking the completion of its two-year rebuilding journey and solidifying its focus on reinforcing Hong Kong’s position as a leading international aviation hub
Cathay Pacific’s traffic figures for December 2024 highlight significant growth in both passenger and cargo sectors. “In the full year of 2024, the Cathay Group achieved new post-pandemic highs for total passengers and cargo carried,” the airline reported.
Cathay Pacific and its subsidiary, HK Express, transported over 28 million passengers throughout the year, a 30.7% increase compared to 2023. Additionally, Cathay Cargo carried 1.5 million tonnes of cargo, reflecting an 11% growth year on year.
December Performance Highlights
In December 2024, Cathay Pacific carried 2,248,950 passengers, a year-on-year increase of 26.4%. “Revenue passenger kilometres (RPKs) for the month rose by 27.9%, while the passenger load factor improved by 3.6 percentage points to 84.8%,” the airline disclosed. Available seat kilometres (ASKs) also grew by 22.5% compared to the same period in 2023.
On the cargo front, Cathay Pacific transported 143,564 tonnes in December 2024, up by 11.7% year on year. “The cargo revenue tonne kilometres (RFTKs) increased by 6.5%, with the cargo load factor edging up to 61.4%,” the report stated. Available cargo tonne kilometres (AFTKs) also grew by 5.5%.
Passenger Travel Momentum
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“December is the traditional peak season for our travel business as customers visit friends and relatives, and travel for leisure over the Christmas and New Year holidays,” said Lavinia Lau, Chief Customer and Commercial Officer
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“In 2024, we achieved a significant milestone during the year-end travel peak, carrying over 100,000 passengers in a single day on eight separate occasions.”
Lau highlighted the strong demand for premium cabins and the successful resumption of seasonal services to Cairns, which operates three times a week. “This reflects the growing confidence and appetite for travel, particularly among business travelers,” she noted.
The airline’s strategic use of Hong Kong as a global transit hub was another key driver. “We continued to attract transit passengers, especially those traveling between the Chinese Mainland and cities around the world,” Lau added.
Robust Cargo Performance
“For cargo, the healthy market momentum seen in previous months continued into December, culminating in the highest tonnage of any month in 2024,” Lau observed.
Strong demand for e-commerce shipments from Hong Kong and the Greater Bay Area played a pivotal role. “We also saw significant demand for perishables and seasonal produce from the South West Pacific and the Americas,” she remarked. Additionally, machinery and engine shipments under the Cathay Expert solution experienced growth, particularly from North Asia.
Looking Ahead
“As a Group, we made incredible progress in 2024, reaching 100% of our pre-pandemic flight levels from January 2025,” Lau emphasized. The airline has announced six new destinations for 2025, including direct flights between Hong Kong and Rome starting in June. “We are firmly focused on expanding our network to 100 destinations worldwide this year,” she added.
With the Lunar New Year approaching, Cathay anticipates a surge in holiday travel bookings. “After the holiday peak, we expect leisure travel from Hong Kong to slow, while our flights will increasingly cater to transit passengers leveraging our global network,” Lau predicted.
On the cargo side, Cathay expects a brief softening in demand in early January before an uptick leading into the Lunar New Year season.
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