Cathay Pacific’s November 2024 traffic figures reveal continued expansion in both passenger and cargo operations.
Travel demand was particularly robust on the carrier’s routes to Japan and South Korea. Southeast Asian school holidays also drove increased leisure travel demand.
For the fourth time this year, Cathay Pacific carried more than two million passengers in a single month.
November Performance
The airline transported over 2 million passengers during the month, marking a significant 23.1% increase from November 2023.
Revenue passenger kilometres grew by 25.8%, while the passenger load factor reached 83.5%, up 3 percentage points. Available seat kilometres also rose by 21.3% compared to the previous year.
The first eleven months of 2024 showed substantial growth, with total passenger numbers reaching 20.5 million, representing a 27% increase. During this period, available seat kilometres rose by 31.5%, and revenue passenger kilometres increased by 26.7% compared to 2023.
Cargo Operations
Cargo operations also demonstrated strong performance, with November volumes reaching 142,601 tonnes, up 15% from the previous year.
Cargo revenue tonne kilometres increased by 11.9%, and the load factor improved to 62.3%. Year-to-date cargo tonnage grew by 10.9% to nearly 1.4 million tonnes.
Cargo operations maintained strong momentum during the peak season, driven by e-commerce events in Hong Kong and the Greater Bay Area.
The Americas and Southwest Pacific provided substantial perishables shipments, while Japan showed increased machinery and engine transportation through the Cathay Expert solution. Mail volumes also rose approaching the holiday season.
Business and Premium Travel
Business travel contributed significantly to premium cabin demand, especially following the Canton Fair in Guangzhou. The Riyadh service saw notable transit traffic through Hong Kong, particularly from mainland China and regional ports.
Chief Customer and Commercial Officer Lavinia Lau highlighted November’s achievements: “Our travel business remained robust across our network, exceeding two million monthly passengers for the fourth time this year.”
“Japanese and South Korean routes performed exceptionally well, attracting travelers from Hong Kong, Australia, and Southeast Asia. Hong Kong proved particularly popular among Southeast Asian tourists during school holidays.”
Looking Ahead
Looking ahead, the Cathay Group has completed its two-year rebuilding strategy. Both Cathay Pacific and HK Express will restore full pre-pandemic flight schedules by January 2025.
The group has expanded significantly, hiring approximately 7,000 new employees in 2024, bringing total staff numbers above 30,000, including over 3,400 pilots.
The airlines plan to serve 100 destinations globally in 2025, with recent additions including Cairns, Phu Quoc, Hualien, and Shizuoka. New routes to Hyderabad, Dallas, Munich, Brussels, and Sendai are scheduled for 2025, with more destinations to be announced.
Financial projections indicate strong second-half results, supported by increased cargo demand and lower fuel costs, though passenger yields are normalizing as flight capacity expands.
The group expects improved performance from associates in the second half of 2024 compared to the first half.
A notable financial development includes an approximate HK$0.5 billion gain from Air China’s A-share issuance, which diluted Cathay Pacific’s stake from 15.87% to 15.09%. The group anticipates stronger second-half results, following historical patterns and 2023’s performance.
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