Cathay Pacific and its subsidiary HK Express achieved a new milestone by carrying about 92,000 passengers on June 30, 2024, the highest daily count since the pandemic began. In the first half of 2024, the two airlines collectively transported approximately 13.5 million passengers.
Passenger Traffic Highlights
In June 2024, Cathay Pacific alone carried 1,837,706 passengers, an 18.7% increase compared to June 2023. Revenue passenger kilometres (RPKs) surged by 23.7% year-on-year. However, the passenger load factor dropped by 4.2 percentage points to 83.5%, despite a 30% increase in available seat kilometres (ASKs).
During the first half of 2024, the airline saw a 36.4% rise in passenger numbers, totalling 10,659,601, alongside a 42.7% increase in ASKs and a 34.9% increase in RPKs compared to the same period in 2023.
Cargo Traffic Highlights
In June 2024, Cathay Pacific transported 124,568 tonnes of cargo, a 12% increase from June 2023. Cargo revenue tonne kilometres (RFTKs) rose by 5.6%, despite a 2.1 percentage point drop in cargo load factor to 59.6%. Available cargo tonne kilometres (AFTKs) increased by 9.4% year-on-year.
During the first half of 2024, cargo tonnage increased by 10.5% to 719,464 tonnes, with AFTKs up by 11.4% and RFTKs up by 4.6% compared to the first half of 2023.
Travel and Cargo Demand
Chief Customer and Commercial Officer Lavinia Lau noted a rebound in travel demand in June, driven by leisure travel and the peak season for student travel. Load factors for long-haul routes to the US, Canada, UK, and Europe were close to 90%. Short-haul leisure travel also saw strong demand, particularly during the Dragon Boat Festival and Hong Kong SAR Establishment Day holidays, with Japan being a popular destination.
Despite June being traditionally slower for air cargo, demand exceeded expectations. Tonnage grew significantly from Hong Kong, Mainland China, Japan, and Europe, with a notable increase in pharmaceutical shipments from Europe. The relaunch of Cathay Expert for handling specialized cargo also saw a 34% tonnage improvement.
Outlook
The outlook for summer travel remains strong. New routes to Ningbo (starting August) and seasonal services to Cairns (December-March) are expected to be popular. Cathay Pacific has already introduced 10 new destinations this year, with seven services already commenced.
The second half of the year is expected to maintain healthy cargo demand, especially from Hong Kong and Mainland China. The airline plans to adjust freighter capacity, including increasing services to the Americas.
Financial Update
Cathay Pacific will repurchase the remaining 50% of preference shares issued to the Hong Kong SAR Government by July 31, 2024, totalling HK$9.75 billion, with total preference share dividends paid amounting to HK$2.44 billion.
Cathay Pacific continues to strengthen its network and services, ensuring robust growth and support for its customers.
