Cathay Pacific Airways reported a cargo income of HK $ 24 billion in 2024, which reflects a year-on-year increase of 8%, supported by higher cargo rates and stable demand. The airline transported 1.53 million tonnes of load, with a 10.9% increase compared to the previous year.
The carrier expanded his cargo capacity, with the available load of kilometers (AFTK) with 8.6%, while the revenue cares (RFTK) had a more modest growth of 5%. Despite a 2.1 percentage point drop in the cargo loading factor to 59.9%, cargo yields improved by 2.9% to HK $ 2.82, which is an indication of stable market prices and strong demand on key courses. Cathay Cargo has experienced significant growth in different sectors, reflecting the strong demand for air freight services.
E-commerce shipments from the Chinese continent after long-distance destinations, especially the Americas, had a significant increase, driven by the global boom in online shopping. The airline also recorded strong export volumes of perishable products and pharmaceutical products, especially from Europe to Hong Kong and other regional destinations, which show the ability to handle specialized cargo.
The car sector also contributed to the cargo growth of the airline, with a significant increase in the transport of auto parts. This was especially evident in the dispatches of Japan and Germany to the most important manufacturing centers in Southeast Asia. In addition, technology products, including semiconductors and electronics of consumers, have remained an important part of Cathay Cargo’s operations. These goods are mainly transported along major trade routes connecting East Asia to North America and Europe. Cathay Pacific CEO Ronald Lam emphasized Cathay Cargo’s performance, saying: “Our cargo performance was strong, partly due to the extra stomach space that provided our increased passenger flights, which enabled us to carry more cargo.”
The dilution of the interest in Air China in 2024 decreased the importance of Cathay Pacific in Air China after an issue of external shares. On December 10, Air China issued 855 million new A shares, reducing Cathay’s ownership from 15.87% to 15.09%. This led to a one -time profit of about HK $ 500 million. Separately, Air China Cargo’s listing on the Shenzhen Stock Exchange on December 30 led to a further decline in Cathay’s stake of 23.99% to 21.36%. These were not strategic movements by Cathay Pacific, but rather the outcome of Air China’s capital action.
The post The Cathay Group announces that 2024 year results first appeared on Air Cargo Week.
