Cathay Pacific Soars to New Heights: November 2024 Traffic Figures Reveal Robust Growth
Cathay Pacific announced outstanding November 2024 traffic results, demonstrating significant expansion across its passenger and cargo operations. The airline carried over 2 million passengers for the fourth time this year, reflecting a 23.1% surge compared to November 2023. This substantial increase underscores the airline’s continued recovery and strong market position.
Passenger Numbers Show Remarkable Increase
Passenger numbers for November 2024 reached 2,010,506, a significant 23.1% increase year-over-year. Revenue passenger kilometers (RPKs) also saw a robust 25.8% rise, indicating a considerable expansion in passenger travel distance. The passenger load factor improved to 83.5%, a 3-point increase, showcasing efficient capacity utilization. This positive trend extends to the first eleven months of 2024, with a remarkable 27% rise in overall passenger numbers, reaching 20,578,324.
Strong Demand Across Key Routes Fuels Growth
Travel demand was particularly high on routes to Japan and South Korea, driven by strong traffic from Hong Kong, Australia, and Southeast Asia. The school holidays in Southeast Asia contributed to increased leisure travel, boosting passenger numbers further. Premium cabin demand remained strong, fueled by business travel following the Canton Fair in Guangzhou. The airline also witnessed notable transit traffic through Hong Kong on its Riyadh service.
Cargo Operations Maintain Momentum
Cathay Pacific’s cargo operations also performed exceptionally well. The airline handled 142,601 tonnes of cargo in November 2024, a 15% increase year-on-year. Cargo revenue tonne kilometers (RFTKs) rose by 11.9%, showcasing a healthy market environment. The cargo load factor climbed to 62.3%, demonstrating efficient cargo capacity management. The robust growth continued in the first eleven months of the year, with a 10.9% increase in cargo tonnage, reaching 1,388,501 tonnes.
Successful Marketing Campaign and Future Outlook
November marked the successful launch of a new marketing campaign for Cathay Courier, highlighting its time-sensitive delivery capabilities. The airline’s two-year rebuilding journey has culminated in the goal of reaching 100% of pre-pandemic flight levels by January 2025, supported by the recruitment and training of approximately 7,000 new employees. The Cathay Group anticipates a strong second-half financial result driven by elevated cargo demand and reduced fuel prices. The company projects service to 100 global destinations in 2025, adding new routes such as Cairns, Phu Quoc, Hualien, Shizuoka, Hyderabad, Dallas, Munich, and Brussels.
Financial Highlights and Air China Investment
The Cathay Group reported a significant financial gain in the second half of 2024, estimated at around HK$0.5 billion, resulting from the deemed disposal following the issuance of A shares by Air China Limited. Cathay Pacific’s stake in Air China decreased from 15.87% to 15.09% due to the issuance of 855 million A shares.
Positive Sentiment and Strong Growth Trajectory
Overall, Cathay Pacific’s November 2024 traffic figures reflect a strong recovery and positive growth trajectory across both passenger and cargo sectors. The airline is well-positioned for continued success in 2025 and beyond, capitalizing on robust travel demand and efficient operational strategies.
