CATHAY PAC AIR(00293)2025-04-07 09:06Financial Performance - The total revenue for Cathay Pacific Group in 2024 was HKD 104,371 million, representing a 10.5% increase from HKD 94,485 million in 2023[11]. - The net profit attributable to shareholders was HKD 9,888 million, a slight increase of 1.0% compared to HKD 9,789 million in the previous year[11]. - Basic earnings per share rose to HKD 149.2, up 6.0% from HKD 140.8 in 2023, while diluted earnings per share increased by 5.9% to HKD 133.2[11]. - The group declared a dividend of HKD 0.69 per share, marking a significant increase of 60.5% from HKD 0.43 in the prior year[11]. - Cathay Pacific recorded a profit attributable to shareholders of HKD 9.888 billion for 2024, compared to HKD 9.789 billion in 2023, representing a year-on-year increase of approximately 1.01%[18]. - The earnings per share for 2024 was HKD 1.492, up from HKD 1.408 in 2023, indicating a growth of about 5.96%[18]. - The airline's subsidiary and associated companies recorded a profit of HKD 8.849 billion for 2024, down from HKD 9.225 billion in 2023, showing a decrease of approximately 4.08%[18]. - The company recorded a post-tax profit of HKD 9.799 billion in 2024, down from HKD 11.341 billion in 2023, indicating a decrease of approximately 13.6%[160]. Operational Metrics - The available tonne-kilometres increased by 17.0% to 24,836 million, while revenue tonne-kilometres rose by 15.1% to 17,362 million[12]. - The average age of the fleet increased to 11.8 years, up by 0.7 years from 11.1 years in 2023[12]. - The passenger load factor decreased by 2.5 percentage points to 83.2%, while passenger revenue per available seat-kilometre fell by 14.4% to HKD 56.0[12]. - The total number of passengers carried in 2024 was 22.8 million, averaging 62,500 passengers per day, which is a 26.9% increase from 2023[43]. - Available seat kilometers increased by 30.6% to 111.79 billion in 2024, while the load factor decreased by 2.5 percentage points to 83.2%[49]. - The cargo load factor averaged 59.9% in 2024, down from 62% in 2023[68]. Fleet and Capacity - The average age of the fleet is 11.1 years, with a total of 236 aircraft as of December 31, 2024[14]. - The group received over 100 new generation aircraft during the year, contributing to the expansion of its fleet[17]. - The company added 12 new Airbus A321neo aircraft to its fleet in 2024 and announced the purchase of 30 Airbus A330-900 aircraft, with deliveries starting in 2028[28]. - The new three-runway system at Hong Kong International Airport is now operational, enhancing Cathay Group's capacity and service offerings[33]. - The fleet restructuring plan aims to replace the remaining A300-600F aircraft with A330 freighters, expected to be completed by 2025[124]. Environmental Impact - The greenhouse gas emissions rose to 12.8 million tonnes CO2 equivalent, reflecting a 20.8% increase from 10.6 million tonnes[12]. - The total scope 1 and 2 emissions increased by 21.6% to 14.1 million tons of CO2 equivalent in 2024, compared to 11.6 million tons in 2023[143]. - The carbon emission intensity rose by 5.3% to 741 grams of CO2 equivalent per revenue ton kilometer in 2024, up from 704 grams in 2023[143]. - The percentage of sustainable aviation fuel in total fuel consumption increased to 0.15% in 2024, compared to 0.03% in 2023, marking a 0.12 percentage point increase[143]. - Cathay Pacific aims to achieve net-zero carbon emissions by 2050 and increase sustainable aviation fuel usage to 10% by 2030[145]. Workforce and Employment - The group employed over 30,100 staff globally, with approximately 25,300 based in Hong Kong as of December 31, 2024[10]. - The company hired and trained approximately 7,000 new employees in 2024, bringing the total workforce to over 30,000[27]. - The total number of employees reached 30,110 in 2024, reflecting a 26.5% increase from 23,801 in 2023[143]. - The proportion of female employees in senior positions rose to 30% in 2024, up from 27% in 2023[143]. Strategic Initiatives - The group plans to invest over HKD 100 billion in new projects, reflecting a strong commitment to enhancing capacity and customer experience at Hong Kong International Airport[17]. - The company aims to restore flight numbers to pre-pandemic levels by January 2025, achieving 100% of the previous capacity[17]. - The company is focused on digitalization and sustainable development as part of its strategic initiatives to enhance its market position[47]. - The company is investing in digital capabilities to enhance operational reliability and resilience, including the establishment of an integrated operations center[135]. Customer Experience - Cathay Pacific announced the introduction of a new menu in collaboration with Michelin-starred restaurants, enhancing the in-flight dining experience[64]. - The airline plans to extend free in-flight Wi-Fi service to first and business class passengers and Diamond card members by mid-2025[64]. - The company launched a new holiday booking website in collaboration with Expedia Group, offering over one million hotels and travel activities across multiple Asian markets[107]. - The upgraded online shopping experience for "Cathay Taste" was launched in October 2024, enhancing user interface and accessibility for customers[102]. Cargo Operations - Cargo revenue for 2024 was HKD 24 billion, up 8.3%, with overall cargo tonnage increasing by 10.9% to 1.5 million tons[29]. - Cathay Cargo handled 1.6 million tons of cargo in 2024, an 11% increase from 2023[128]. - Cathay Cargo has been recognized as one of the top ten cargo airlines globally, ranking fifth among all-cargo airlines based on scheduled freight ton-kilometers[86]. - The launch of the "Pharmaceutical Cargo Corridor" connecting Miami to Hong Kong aims to ensure safe and efficient transport of time-sensitive pharmaceuticals[86]. Financial Position - The net debt to equity ratio increased to 1.10 times, up from 0.88 times in the previous year, indicating a rise in financial leverage[11]. - The company's available unrestricted cash balance as of December 31, 2024, was HKD 19.073 billion[20]. - Total assets as of December 31, 2024, amount to HKD 171.124 billion[187]. - Shareholders' equity decreased by 12.5% to HKD 52.5 billion due to various factors including the redemption of preferred shares[193].