Cathay Pacific, the Hong Kong-based airline, has demonstrated resilience and adaptability in the face of the global pandemic. Despite the challenges, the airline remains optimistic about its recovery and future growth, with the anticipation of its first Boeing 777-9s in 2025. Cathay Pacific's journey through the pandemic has been marked by significant changes and strategic decisions. The airline reported a net profit of HKD9.8 billion Hong Kong dollars ($1.25 billion) for the calendar year 2023. This result marks the carrier’s best performance since 2010 and contrasts hugely against the result for 2022 which saw the airline lose HKD6.6 billion ($840 million).
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By the end of 2023, Cathay’s passenger operations were back to 70% of pre-pandemic levels, and cargo operations were at 85% of pre-pandemic capacity. The airline's fleet consisted of 181 aircraft, of which 137 were owned, 24 were on finance leases, and 20 were on operating leases. Looking forward, Cathay Pacific has placed an order for 22 Boeing 777-9s and expects the first of these ultra-long-haul widebodies to be delivered in 2025. The introduction of the 777-9 is part of the company's ongoing efforts to modernize its fleet and enhance its service offerings.
In addition to the 22 Boeing 777-9s on order, Cathay also expects to take delivery of another four A321-200NX during 2024. The company also awaiting the arrival of six A350Fs it ordered in 2023. It also has orders for 19 B777-9s. CEO Ronald Lam said the airline had focused on rebuilding and investing throughout 2023. "In total, this brings our new aircraft on order to more than 70, with the right to acquire an additional 52,” Lam said. "We are also exploring options for a new mid-size widebody aircraft."
Despite the ongoing challenges, Cathay Pacific's strategic decisions and commitment to recovery have positioned it well for the future. The anticipated delivery of the Boeing 777-9s in 2025 is a testament to the airline's resilience and optimism as it continues to navigate the post-pandemic landscape.