Cathay Pacific Experiences Significant Growth in January 2024 Traffic Figures

Cathay Pacific today unveiled its January 2024 traffic statistics, showcasing a robust increase across its passenger and cargo services. The Cathay Group, which includes both Cathay Pacific and HK Express, successfully transported over two million passengers, averaging an impressive daily count of more than 70,000 travelers. This marks a significant upturn in activity, with Cathay Pacific itself accounting for 1,717,200 passengers in January 2024, reflecting a 66.4% rise compared to the same period in 2023.

Despite a seasonal dip in leisure travel post-Christmas, business travel demonstrated a strong resurgence, particularly on routes to and from the Chinese Mainland, which saw remarkable load factors in premium cabins. The Philippines routes stood out with nearly 90% load factor, driven by high demand for return travel after the holiday season to global destinations like Dubai, New York, Los Angeles, London, and Amsterdam. The anticipation of the Lunar New Year in early February also sparked a surge in travel demand from the Chinese Mainland in the latter part of January.

Cargo operations also saw a positive trend, with a 20.7% year-on-year increase in January 2024, moving 114,790 tonnes of cargo. This uplift came despite a traditional softening in demand after the year-end peak, highlighting a resilient and recovering market. Perishable shipments, especially from the Southwest Pacific to Asia, emerged as a key growth area.

Looking ahead, Cathay Pacific anticipates continued strong demand in both passenger and cargo sectors. The airline is especially buoyant about the upcoming IATA’s World Cargo Symposium 2024 in March, a prestigious event that will take place in Hong Kong for the first time. This event is expected to draw industry experts and leaders, further highlighting Cathay Pacific's pivotal role in the global air cargo and logistics sector.

The Cathay Group's recent financial maneuvers, including a substantial dividend payment to the Hong Kong SAR Government and the buy-back of preference shares, reflect its financial health and strategic planning for future growth. With these solid January figures and optimistic projections for the coming months, Cathay Pacific is poised to continue its trajectory of recovery and expansion, reinforcing its position as a leading carrier in the dynamic aviation market.