Cathay Pacific has announced robust performance figures for August 2024, revealing continued growth in both passenger and cargo sectors. The airline carried over two million passengers for the second consecutive month, with a total of 2,068,979 passengers in August, marking a 15.9% increase compared to the same month in 2023. This surge in passenger numbers is reflected in the 15.9% year-on-year rise in revenue passenger kilometres (RPKs). However, the passenger load factor saw a slight decrease of 2.9 percentage points to 85.2%, despite a 19.8% increase in available seat kilometres (ASKs).
In the first eight months of 2024, Cathay Pacific’s passenger traffic surged by 29.9%, reaching 14,736,805 passengers. This growth accompanies a 36.1% rise in ASKs and a 29.2% increase in RPKs, compared to the same period in 2023.
On the cargo front, the airline transported 124,236 tonnes in August 2024, an increase of 6.3% from August 2023. Despite this rise in tonnage, cargo revenue tonne kilometres (RFTKs) experienced a slight decline of 0.9%, and the cargo load factor decreased by 1.7 percentage points to 57.1%. Available cargo tonne kilometres (AFTKs) grew by 2.1% year on year. For the first eight months of 2024, cargo tonnage increased by 9.8%, totaling 970,498 tonnes, with AFTKs up by 8.8% and RFTKs up by 3.2%.
Chief Customer and Commercial Officer Lavinia Lau highlighted the strong demand for leisure travel throughout August, noting a peak on August 10 when Cathay Pacific set a new post-pandemic single-day record by carrying nearly 75,000 passengers. The resumption of flights to Ningbo and strong performance in short-haul destinations contributed to these figures.
Lau also indicated stable cargo demand, with an uptick expected towards the year-end peak. The airline continues to see growth in e-commerce shipments and is preparing for increased demand in high-tech and electronic goods. Upcoming new routes include flights to Riyadh and additional services by HK Express to Hiroshima and Phu Quoc.
Cathay Pacific also completed a significant financial move on September 13, buying back all warrants issued to the Hong Kong SAR Government in 2020, totaling approximately HK$1.53 billion. Combined with HK$2.44 billion paid in preference share dividends, this represents a nearly HK$4 billion payment to the government, reaffirming the airline’s financial stability and commitment to its home base.
Furthermore, Cathay Pacific re-entered the Top 10 cargo carriers globally and secured the fifth position among combination airlines in the latest IATA 2023 World Air Transport Statistics, underscoring its role as a major player in the air cargo industry.
