The Cathay Group, including Cathay Pacific and HK Express, carried over two million passengers in January 2024, an increase of 66.4% compared to January 2023. The airline carried 114,790 tons of cargo, an increase of 20.7% compared to January 2023. Business travel demand resumed after the Christmas holiday, with Chinese Mainland routes performing exceptionally well.
.gif)
The Philippines route emerged as a star performer this month with a load factor of close to 90%, surpassing all other short-haul routes. Demand for air cargo traditionally softened in January after the year-end peak period, but when compared with January 2023, tonnage was up by 21%. Perishable shipments were the bright spot, especially from the Southwest Pacific to Asia.
The company saw solid demand during the Lunar New Year travel peak, with outbound travel from Hong Kong focused on 7 to 12 February and inbound travel concentrated on 17 and 18 February. Business travel demand has also been picking up after the Lunar New Year period, particularly on long-haul routes. Cathay Cargo will be the host airline for IATA's World Cargo Symposium 2024 in March, the first time Hong Kong will host this major annual event.
The Cathay Group has paid the latest dividend of about HK$243.8 million due on the preference shares held by the Hong Kong SAR Government on 14 February 2024. The Cathay Group plans to buy back the remaining preference shares by the end of July 2024, subject to market conditions and its business operations at the relevant time.