Cathay Pacific has reported a strong performance in July 2024, with a significant surge in passenger numbers and continued growth in cargo operations. The airline carried over 2 million passengers in July, marking a 15.1% increase compared to the same month in 2023. This milestone represents the first time Cathay Pacific has exceeded two million passengers in a single month since the airline’s rebuilding phase following the COVID-19 pandemic. The airline’s revenue passenger kilometers (RPKs) also saw a substantial year-on-year increase of 16.1%, indicating a healthy recovery in travel demand. However, the passenger load factor experienced a slight dip of 3.8 percentage points, settling at 85.5% for the month. This is still the highest load factor recorded by Cathay Pacific so far in 2024.
The airline’s strong performance in July was driven by several factors. The first half of the month saw a significant increase in demand for long-haul flights to and from Hong Kong, particularly among students and travelers visiting friends and family. The latter half of July witnessed a surge in travel to popular short-haul destinations in Japan and Southeast Asia. Cathay Pacific also benefited from increased demand for flights to Paris during the Olympic Games, transporting a significant number of athletes and spectators to the prestigious event.
In addition to passenger growth, Cathay Pacific’s cargo operations also showed positive signs in July 2024. The airline handled 126,797 tonnes of cargo in July, a 9.6% increase compared to the same month in 2023. However, the month’s cargo revenue tonne kilometers (RFTKs) saw a slight decline of 0.5% year-on-year, while the cargo load factor dropped by 1.5 percentage points to 58.3%. Despite the slight decline in RFTKs, the increase in cargo tonnage and available cargo tonne kilometers (AFTKs) suggest a positive trend in the cargo business.
Looking at the first seven months of 2024, Cathay Pacific’s overall performance remains strong. The total number of passengers carried surged by 32.5% to 12,667,826, compared to the same period in 2023. Available seat kilometers (ASKs) also increased by 39%, while RPKs grew by 31.6%. Cargo operations also saw significant growth in the first seven months of the year, with total tonnage increasing by 10.3% to 846,261 tonnes. AFTKs rose by 9.9%, and RFTKs increased by 3.8% compared to the same period in 2023.
Lavinia Lau, Chief Customer and Commercial Officer at Cathay Pacific, described July 2024 as a significant milestone for the airline. Lau highlighted the fact that Cathay Pacific exceeded two million passengers in a single month for the first time since the airline’s rebuilding phase, with an impressive load factor of 85.5%. Lau attributed this strong performance to the growing popularity of long-haul flights to and from Hong Kong, particularly among students and travelers visiting friends and family during the first half of the month. The latter half of July saw a surge in demand for travel to popular short-haul destinations in Japan and Southeast Asia. Additionally, flights to Paris experienced heightened demand due to the Olympic Games, with Cathay Pacific proudly transporting a significant number of athletes and spectators to this prestigious global event.
