CATHAY PAC AIR(00293) Profit-sharing plan for 2024 exposed in advance, employees will receive at least four weeks of salary as a bonus.

Recently, CATHAY PAC AIR CEO Lin Shao-bo sent a letter to employees stating that the company will achieve strong financial performance for two consecutive years, and announced in advance that under the current profit sharing plan, in 2024 the company will distribute at least the equivalent of 4 weeks' salary. Lin Shao-bo stated that the actual amount of profit sharing for the year will be officially announced when CATHAY PAC AIR publishes its full-year results. CATHAY PAC AIR will hold a board meeting on March 12 to review the full-year performance and announce the second interim dividend. Under the profit sharing plan for 2023, employees can receive the equivalent of 7.2 weeks' qualifying pay. CATHAY PAC AIR had over 6,200 more employees last year, with profits of at least HK$7.2 billion According to a previous announcement by CATHAY PAC AIR, the company expects better performance in the second half of 2024 compared to the first half. With the company earning HK$3.6 billion in the first half, the full-year profit is expected to be at least HK$7.2 billion. The group achieved a full-year profit of HK$9.8 billion in 2023. CATHAY PAC AIR stated last month that it hired approximately 7,000 new employees throughout the year, bringing the total number of employees in the group to over 30,000, an increase of more than 6,200 from the end of 2023, when there were 23,800 employees. This also represents an increase of over 2,800 employees compared to the 27,200 employees at the end of June. Lin Shao-bo stated in the letter: "Although we have achieved good results in 2024, the size of our team has also significantly increased over the past year, so the profit sharing amount needs to be distributed among more colleagues." Lin Shao-bo: CATHAY aims to become one of the world's best service brands Lin Shao-bo continued to say that as CATHAY PAC AIR and Hong Kong Express flights return to pre-pandemic levels, last week 300 leaders from various departments in the group gathered to celebrate the performance in 2024 and discuss the priorities for this year. He emphasized that the team will strive to become one of the best service brands in the world this year, and will aim for impeccable safety records in all operations. He stated: "In our business, safety is not just a high-profile project, but requires everyone to actively participate and remain vigilant."