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Cathay Pacific Airways (HK:0293) posted a slight increase in annual profit for 2024, fueled by strong travel demand but tempered by rising costs and normalizing ticket prices.
The airline reported a 1% year-on-year profit rise to HK$9.89 billion ($1.27 billion), up from HK$9.79 billion. Revenue climbed 10.5% to HK$104.37 billion, supported by an 11.9% surge in passenger revenue and an 8.3% increase in cargo revenue.
Despite the revenue boost, Cathay’s profit margin slipped to 9.5% from 10.4%, reflecting higher operational costs and an 11.8% drop in passenger yields as ticket prices stabilized.
Shares edged up 0.5% to HK$11.16, approaching their highest level since May 2019. The airline credited its performance to sustained demand and operational efficiency but remains cautious about macroeconomic uncertainties and trade tensions that could impact future travel.
Cathay declared a second interim dividend of HK$0.49 per share and expects further growth in 2025 as flight operations return to pre-pandemic levels and fleet renewal investments continue.
