Cathay Pacific Group (Cathay) is set to invest more than HKD 100 billion over the next seven years. This strategic investment aims to enhance customer experiences and support the completion of Hong Kong’s Three-Runway System, further solidifying the city’s position as a leading global aviation hub. The investment will span fleet expansion, cabin innovations, lounge upgrades, digital advancements, and sustainability initiatives, reflecting Cathay’s commitment to propelling Hong Kong’s aviation sector forward.

Cathay Pacific Group Chairman, Patrick Healy, remarked, "The imminent completion of the Three-Runway System marks the dawn of a new era for Hong Kong’s aviation industry. This period of development brings exciting opportunities for both Hong Kong and Cathay."

Healy added, "As a Hong Kong-based airline, Cathay has always been dedicated to the success of Hong Kong as an international aviation hub. This major investment underscores our steadfast commitment to driving Hong Kong’s economic growth."

Cathay has announced a significant fleet expansion with the order of 30 Airbus A330-900 aircraft, with an option to acquire an additional 30. These new wide-body aircraft, starting delivery in 2028, will enhance Cathay's regional service across Asia. Alongside this order, Cathay will receive over 100 new-generation aircraft and has options for more, including narrow-body jets, regional and long-haul wide-body aircraft, and large freighters. This investment will not only modernize the fleet but also support the group's goal of achieving net-zero carbon emissions by 2050.

Cathay Pacific plans to introduce several new cabin products over the next three years to elevate the flying experience. This year will see the debut of the new Aria Suite business class, premium economy, and refreshed economy class on the Boeing 777-300ER. By 2025, a new first-class experience will be available on the Boeing 777-9, and by 2026, a new business class with flat-bed seats will be introduced on the A330. Additionally, complimentary in-flight Wi-Fi for business class passengers and Diamond Card members will be available soon, alongside enhanced dining and entertainment options.

On the ground, Cathay will open newly designed flagship lounges in Hong Kong and Beijing over the next three years, with a new exclusive lounge set to debut at New York’s John F. Kennedy International Airport.

Alongside the investment announcement, Cathay revealed its mid-year financial results for 2024. The group achieved a net profit of HKD 3.6 billion for the first half of 2024, compared to HKD 4.3 billion in the same period of 2023. Adjusted for special items, Cathay reported a net profit of HKD 3.8 billion, a decrease from HKD 4.8 billion year-over-year due to normalizing ticket prices. Performance from associates showed a loss of HKD 342 million, an improvement from HKD 2.6 billion the previous year.

Since starting its recovery phase 18 months ago, Cathay has fully repaid HKD 19.5 billion to the Hong Kong SAR Government and paid HKD 2.44 billion in dividends. The group has also declared an interim dividend of approximately HKD 1.3 billion to ordinary shareholders, with a total of HKD 2.8 billion paid out for 2023.

These results reflect significant progress in Cathay’s recovery efforts. All previously parked overseas aircraft have returned, and passenger flights are expected to reach pre-pandemic levels by early 2025. The group plans to increase its workforce by 5,000 this year, reaching 29,000 employees.

Cathay aims to elevate Hong Kong as a global aviation hub, connecting customers to a diverse array of destinations. The group’s two airlines, Cathay Pacific and Hong Kong Express, currently serve over 80 destinations, with plans to expand to 100 by 2025. This year, Cathay has announced 10 new destinations, with eight already launched and services to Riyadh and Cairns starting later this year.

Cathay Pacific’s commitment to exceptional customer service has earned it a place among the world’s top five airlines and the “World’s Best Economy Class” award. Dedicated to Hong Kong’s prosperity, Cathay strives to be an airline that employees, customers, shareholders, and society can all take pride in, embodying its brand philosophy of "Aiming High."

For more information, please contact
Penny Pei
E: [email protected]

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