Cathay Invests HK$100 Billion to Elevate Hong Kong’s Aviation Hub Status
(IN SHORT) Cathay Group is investing over HK$100 billion to strengthen Hong Kong’s international aviation hub, focusing on fleet expansion, enhanced customer experience, and upgraded lounges. The investment supports Cathay’s growth strategy and commitment to sustainability, aiming to achieve carbon net-zero by 2050. The Group is also on track to restore its pre-pandemic flight capacity by Q1 2025, further solidifying its role in global aviation.
(PRESS RELEASE) Hong Kong, China, 2024-Aug-7— /Travel PR News/ — Cathay Group has announced an investment of over HK$100 billion over the next seven years to enhance its customer experience and reinforce Hong Kong’s status as a leading international aviation hub. This major investment aligns with the launch of the Three-Runway System at Hong Kong International Airport and includes upgrades to Cathay’s fleet, cabin products, lounges, and digital and sustainability initiatives.
Key Investment Highlights
Fleet Expansion
Cathay has announced the purchase of 30 Airbus A330-900 aircraft, with an option for an additional 30 in the future. These new regional widebody aircraft, expected to be delivered from 2028, will primarily serve destinations in Asia. Cathay’s delivery pipeline now includes over 100 new-generation aircraft, with options for over 80 more, covering narrowbody, regional widebody, long-haul widebody, and large freighter aircraft. These investments will modernize Cathay’s fleet, improve fuel efficiency, reduce carbon emissions, and support Cathay’s goal of achieving carbon net-zero by 2050.
Enhanced Customer Experience
Cathay Pacific will introduce new cabin products over the next three years, starting with the Aria Suite, Premium Economy, and refreshed Economy on its Boeing 777-300ER aircraft. In 2025, a world-leading First class experience will debut on the 777-9s, followed by a new flat-bed Business class on existing A330 aircraft in 2026. Complimentary Wi-Fi will be progressively offered to Business class customers and Diamond members, alongside ongoing investments in dining and inflight entertainment.
Upgraded Lounges
Cathay Pacific will launch newly designed flagship lounges in Hong Kong, Beijing, and New York over the next three years, further enhancing the ground experience for its customers.
Financial Performance and Growth
Cathay reported an attributable profit of HK$3.6 billion for the first half of 2024, compared to HK$4.3 billion in the same period in 2023. Excluding exceptional items, the airlines and subsidiaries reported a profit of HK$3.8 billion, down from HK$4.8 billion in 2023 due to the normalization of ticket prices. Cathay has fully repaid the HK$19.5 billion preference shares investment and paid HK$2.44 billion in dividends to the Hong Kong SAR Government.
Commitment to Growth
Cathay is on track to reach 100% of its pre-pandemic flight capacity by Q1 2025. The Group is increasing its headcount by 5,000 people this year to support this growth, aiming for a total of 29,000 employees. Cathay Pacific and HK Express currently fly to over 80 destinations, with plans to increase to 100 by 2025. Ten new destinations have been announced in 2024, with eight already in service.
Vision for the Future
Cathay is dedicated to enhancing Hong Kong’s position as a global aviation hub, connecting people to exciting destinations worldwide. The airline continues to focus on excellence in customer service, having been named among the top five best airlines globally and voted for the World’s Best Economy class.
Media Contact:
Tel: 2747 3333
press@cathaypacific.com
Source: Cathay Pacific
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