Cathay Pacific soars to $9.78b net profit in 2023 after pandemic losses

The company achieved its end-2023 group target of operating 70% of pre-pandemic passenger flights.

Cathay Pacific Airways Limited reported a net profit of $9.78 b in 2023, compared to a restated loss of $6.62b in 2022.

“In 2023, we finally left the Covid-19 pandemic behind us,” said Patrick Healy, the group’s chairman.

He said that the company achieved its end-2023 group target of operating 70% of pre-pandemic passenger flights, connecting Hong Kong with approximately 80 destinations worldwide.

“2023 was our first profitable year since 2019. The year was characterised by a notable surge in travel demand following three years of pandemic-related restrictions,” Healy noted.

In 2023, Cathay Group's revenue soared by 85.1 percent year-on-year to $94.48b.

The directors, recommending a final dividend of 43 cents, have reinstated the company's dividend payout for the first time since 2019 through its recovery.

Looking ahead, the company expects to achieve 80% of its pre-pandemic passenger flight levels by the second quarter of 2024. 

Moreover, it anticipates that as flights are restored, the supply-demand gap seen in 2023 will decrease, and yields will stabilize throughout 2024.