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. ”
Stronger cargo demand was noted as Cathay Cargo performed well in 2024, especially in the second half of the year with strong e-commerce demand being a key driver. Overall cargo tonnage was up by 11%, and yield increased by about three percent higher than in \"2023\".
On the travel side, Cathay Pacific and HK Express combined carried over thirty- percent more passengers year on year. However as more flights were added to market passenger yields continued normalizing expectedly; Cathay Pacific saw twelve-percent decrease while HK Express experienced even steeper decline at twenty-three percent reflecting intense competition regional routes.
Cathay remains committed its dual-brand strategy best serving customers different needs with premium full-service airline low-cost counterpart . Despite short-term operational issues affecting earnings industry-wide Pratt & Whitney engine problems confidence long-term business model remains intact .
Lower fuel prices contributed positively; average into-plane unit price fell over nine percent excluding hedging . Furthermore increased volumes allowed spreading fixed costs wider base resulting four-and-half-percent decrease per available tonne kilometre excluding fuel compared previous year .
Improved results associates recognized three months arrears showed significant improvement from \"\HK\$1\..6\ \billion\ loss\ \in\ \2023\ to\ \HK\$288\ million\ profit\ \for\ \20424\.\\\" Air China Limited ( \”Air China”) Air China Cargo Co Ltd primarily constituted these associations whose performances improved civil aviation market recovery fleet efficiency strict cost management .
In addition buying back remaining fifty-percent preference shares Hong Kong SAR Government July nearly four-billion paid government dividends warrants September early January approximately sixty-eight-percent guaranteed convertible bonds due repurchased .
Second interim dividend payment ordinary shareholders announced forty-nine cents per share together first total sixty-nine cents or four-and-four-tenths billion respect shared success culture providing employees eligible pay form discretionary bonus profit sharing .
\HK\$100\ \billion\ investments new aircraft destinations Mr Healy continued: “We are excited about future firmly committed strengthening Hong Kong international aviation hub boosting air travel capacity elevating customer experience financial performance gives confidence committing investing over coinciding launch Three-Runway System already commenced taking delivery new-generation introducing world-leading cabin interiors including Aria Suite all-new Premium Economy flagship lounges digital innovations continuing expand global network having announced additional destinations coming operate passenger services around within this year As home airline group look forward continuing part elevate status world-leading connecting Chinese Mainland sincerely thank invaluable support shown ”
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