CATHAY PAC AIR (00293) released its 2024 annual performance, with a net profit attributable to shareholders of HK$9.88 billion, an increase of 1% compared to the previous year.

CATHAY PAC AIR (00293) released its full-year performance for 2024, with revenue of HK$104.371 billion, an increase of 10.5% year-on-year; Jiangxi Guotai Group's shareholders' net profit was HK$9.888 billion, up by 1.0% year-on-year; and basic earnings per share were 149.2 HK cents. The announcement stated that 2024 was the second consecutive year of strong financial performance for the group. Historically, the second half of the year has been stronger than the first half, a trend that continued in 2024 and 2023. Increased demand for freight, passenger volume growth, lower fuel prices, and improved cost efficiencies compared to the previous year helped stabilize the group's financial performance in the second half of the year. On the other hand, as flight supply increased to meet overall market demand, passenger yield returned to normal as expected, partially offsetting the above favorable factors. The group's airline and subsidiary companies achieved a shareholders' net profit of HK$8.849 billion in 2024 (2023: HK$9.225 billion). Performance from associated companies (mostly confirmed after a 3-month delay) resulted in a full-year net profit of HK$288 million (2023: loss of HK$1.562 billion). The 2024 net profit includes a non-recurring non-cash income of HK$578 million, which was the result of the dilution of the group's holdings in Air China after completing the issuance of H shares in February 2024 and the issuance of A shares in December 2024, as well as the dilution of the group's holding in Air China Cargo after its listing on the Shenzhen Stock Exchange in December 2024. With the Hong Kong Third Runway System in operation, Cathay Pacific is fully committed to investing in the future to seize the abundant opportunities brought by the expansion of the Hong Kong hub. Over the next few years, the group will continue to invest part of HK$10 billion in upgrades. The group will add the most advanced and fuel-efficient aircraft to expand and modernize its fleet, helping the group achieve its net zero carbon emissions target by 2050. Decarbonizing the aviation industry is a long journey that requires cooperation from the entire supply chain.