Cathay Pacific’s passenger numbers jump 26.9% in 2024

Revenue surged 10.5% to $104.37b.

Cathay Pacific carried 22.8 million passengers in 2024, a 26.9% increase from the previous year.

The surge in passenger traffic contributed to a $62.6b passenger revenue (+11.9% YoY).

Despite the strong growth in passenger numbers, yields declined by 11.8% as ticket prices normalized due to increased flight supply.

However, Cathay rewarded shareholders with a 60.5% increase in dividends ($0.69 per share). Earnings per share rose, with basic EPS at 149.2 cents (+6.0%) and diluted EPS at 133.2 cents (+5.9%). Net borrowings increased by 9.8% to $57.94b as the airline continued its post-pandemic expansion.

The passenger load factor dropped slightly to 83.2% (-2.5 percentage points), reflecting the broader industry trend of fare adjustments as airlines ramped up operations.

The airline’s total revenue reached $104.37b (+10.5% YoY), with a $9.89b profit (+1.0%).