Cathay Pacific Reports First Annual Profit Since 2019 – Airways | Airlines

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DALLAS — Cathay Pacific Airways (CX) has reported its full-year financial report for 2023 and announced a return to profitability, marking its first annual profit since 2019. This positive turn of events comes after years of struggle due to the COVID-19 pandemic.

The Hong Kong-based carrier carried 18 million passengers in 2023, up from 2.8 million in 2022. Total revenue surged 85 percent to US$12 billion, though cargo revenue fell 16.2 percent to US$3.3 billion.

B-KPR Cathay Pacific Boeing 777-300ER KLAX/LAX. Photo: Tony Bordelais/Airways.

Numbers Take Off

The airline reported a profit of US$1.25 billion for 2023, a stark contrast to the US$847 million loss they faced in 2022. This impressive turnaround is further bolstered by CX exceeding its target of operating at 70% of pre-pandemic passenger flight capacity throughout the year.

Cathay Pacific attributed its success to a significant surge in pent-up travel demand. CX’s Chairman Patrick Healy highlighted 2023 as the carrier’s first profitable year after the pandemic. CX reportedly capitalized on the demand imbalance, resulting in high yields and contributing to a strong financial performance in both halves of the year.

“In 2023, we finally left the Covid-19 pandemic behind us. In welcoming this new phase, our purpose to move people forward in life has been foremost in our minds.”

Cathay Pacific’s Chair Patrick Healy

To celebrate their financial recovery, Cathay Pacific announced their first dividend payment since 2019, at HK$0.43 per ordinary share.

Looking Ahead: Expansion and Recovery

Cathay Pacific has announced plans for a substantial recruitment drive to expand its workforce by roughly 20%, translating to approximately 5,000 new employees this year. This significant hiring spree reflects their confidence in the aviation industry’s continued recovery.

However, CX acknowledges the…

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