Cathay Pacific Airways Limited (the “Company”, and together with its subsidiaries, the “Cathay Group”) announced today that the Cathay Group is expected to record a consolidated profit of approximately HK$4.0-4.5 billion for the first half of 2023. This compares to the attributable loss to shareholders of HK$5.0 billion for the first half of 2022. This is based on a preliminary review of the unaudited consolidated management accounts of the Cathay Group and other information currently available to the Board of Directors of the Company.

The Cathay Group is still in the process of finalising its first-half 2023 results, and will publish its interim results in August 2023.

The Cathay Group paid the deferred dividend of HK$1,524.1 million on the preference shares held by the Hong Kong SAR (HKSAR) Government on 30 June 2023, bringing its deferred dividend payments up to date. It intends to pay all future preference shares dividends as they fall due.

Further, subject to market conditions and its business operations at the relevant time, the Cathay Group plans to buy back all the preference shares over the next 12 months.

Chief Executive Officer Ronald Lam said: “We are very encouraged to see that our journey of rebuilding Cathay is on the right track. We have seen a trend of continuous improvement in the performance of our airlines and our financial position is healthy. These reflect the growing strength of our business and the progress we are making in rebuilding Cathay. We are very grateful to both the HKSAR Government and our shareholders for their continued support during and after the pandemic.

Special appreciation reward for employees

“The extreme circumstances Cathay faced during the pandemic were unlike anything any other carrier experienced. We recorded losses totaling approximately HK$33.7 billion over three years of the pandemic and the reality is that we are only part way along our journey to rebuild Cathay.

“The COVID-19 pandemic was the most challenging period in our history, but with the tremendous support from our people, customers and other stakeholders, we are moving further and further away from those difficult days with each week that passes. During difficult times, our people have always pulled together to support the Cathay Group. Our solidarity and incredible endurance demonstrated throughout this pandemic have been humbling.

“It has always been our culture to thank our people for the commitment and support they have shown. To this end, I am pleased to announce a Special Appreciation Reward for those who have been with us through the pandemic of up to six weeks of eligible pay, which will be paid in the September payroll.” ​ ​

All employees who joined the Cathay Group on or before 31 December 2022 will receive two weeks of eligible pay, and those who also participated in a Special Leave Scheme or equivalent during 2020 to 2022 and have been continuously employed since then will be eligible for an additional four weeks of eligible pay.

The Cathay Group is also committed to sharing its future success with its people, and will introduce a new profit-sharing scheme applicable to the years of 2023-2025. More details will be shared with employees next month.

<h1>The Cathay Group provides an update on its first-half 2023 financial performance and announces a plan to buy back the preference shares held by the Hong Kong SAR Government</h1>Also a special appreciation reward to extend its gratitude to employees<h4>First-half 2023 results</h4>Cathay Pacific Airways Limited (the “Company”, and together with its subsidiaries, the “Cathay Group”) announced today that the Cathay Group is expected to record a consolidated profit of approximately HK$4.0-4.5 billion for the first half of 2023. This compares to the attributable loss to shareholders of HK$5.0 billion for the first half of 2022. This is based on a preliminary review of the unaudited consolidated management accounts of the Cathay Group and other information currently available to the Board of Directors of the Company.The Cathay Group is still in the process of finalising its first-half 2023 results, and will publish its interim results in August 2023.<h4>Preference shares</h4>The Cathay Group paid the deferred dividend of HK$1,524.1 million on the preference shares held by the Hong Kong SAR (HKSAR) Government on 30 June 2023, bringing its deferred dividend payments up to date. It intends to pay all future preference shares dividends as they fall due.Further, subject to market conditions and its business operations at the relevant time, the Cathay Group plans to buy back all the preference shares over the next 12 months.Chief Executive Officer Ronald Lam said: “We are very encouraged to see that our journey of rebuilding Cathay is on the right track. We have seen a trend of continuous improvement in the performance of our airlines and our financial position is healthy. These reflect the growing strength of our business and the progress we are making in rebuilding Cathay. We are very grateful to both the HKSAR Government and our shareholders for their continued support during and after the pandemic.<h4>Special appreciation reward for employees</h4>“The extreme circumstances Cathay faced during the pandemic were unlike anything any other carrier experienced. We recorded losses totaling approximately HK$33.7 billion over three years of the pandemic and the reality is that we are only part way along our journey to rebuild Cathay.“The COVID-19 pandemic was the most challenging period in our history, but with the tremendous support from our people, customers and other stakeholders, we are moving further and further away from those difficult days with each week that passes. During difficult times, our people have always pulled together to support the Cathay Group. Our solidarity and incredible endurance demonstrated throughout this pandemic have been humbling.“It has always been our culture to thank our people for the commitment and support they have shown. To this end, I am pleased to announce a Special Appreciation Reward for those who have been with us through the pandemic of up to six weeks of eligible pay, which will be paid in the September payroll.” ​ ​All employees who joined the Cathay Group on or before 31 December 2022 will receive two weeks of eligible pay, and those who also participated in a Special Leave Scheme or equivalent during 2020 to 2022 and have been continuously employed since then will be eligible for an additional four weeks of eligible pay.The Cathay Group is also committed to sharing its future success with its people, and will introduce a new profit-sharing scheme applicable to the years of 2023-2025. More details will be shared with employees next month.Cathay Pacific is the home airline of Hong Kong. At the end of 2022, Cathay Pacific together with its subsidiaries, HK Express and Air Hong Kong, had 222 aircraft at the end of 2022, of which 41 were parked outside of Hong Kong. Our passenger and cargo airlines offered scheduled services to 81 destinations in 30 countries and regions worldwide, including 14 destinations in the Chinese Mainland. Furthermore, the Group served an additional 131 destinations in 21 countries and regions through codeshare agreements.
The Cathay Pacific Group was the world’s eighth-largest carrier of international passengers, and the third-largest carrier of international air cargo prior to the COVID-19 pandemic, according to IATA’s 2019 World Air Transport Statistics.Representatives from the media who cannot find the information they need on this website can get in touch with our Corporate Affairs department by emailing us at press@cathaypacific.com.

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Also a special appreciation reward to extend its gratitude to employees

The Cathay Group provides an update on its first-half 2023 financial performance and announces a plan to buy back the preference shares held by the Hong Kong SAR Government

Cathay Cargo was excited to mark the launch of its first marketing campaign, “We Know How”, with a special ceremony held at Hong Kong Aircraft Engineering Company Limited’s (HAECO) hangar facility at Hong Kong International Airport (HKIA) on 21 June. The event also formally introduced the newly rebranded Cathay Cargo with the first Cathay Cargo Boeing 747-8F to receive the new livery making a giant and dramatic backdrop for the occasion.

Cathay Group Chief Executive Officer Ronald Lam hosted the event and its guests of honour, including Secretary for Transport and Logistics Mr Lam Sai-hung, Director-General of Civil Aviation Mr Victor Liu Chi-yung from the Civil Aviation Department (CAD), and Airport Authority Hong Kong Chief Executive Officer Mr Fred Lam Tin-fuk.

The campaign comes at a time when Cathay Cargo is developing links in its extended home market of the Greater Bay Area (GBA), just ahead of the forthcoming Three-Runway System at Hong Kong International Airport, which will become fully operational in late 2024.

In his speech, Secretary for Transport and Logistics Mr Lam Sai-hung referenced the collaborative work between Cathay Cargo and the Airport Authority Hong Kong’s new HKIA Logistics Park in Dongguan. This new facility despatches built-up and screened cargo from the heart of the GBA direct to Hong Kong International Airport by ship.

Secretary Lam said: “We appreciate a lot Cathay's unwavering support for this project, with Cathay Cargo and the Cathay Cargo Terminal being the first carrier and the first cargo terminal operator respectively to handle cargo shipments under this innovative model. We trust that this additional mode will open up tremendous opportunities for both Cathay Cargo and our airport, helping both to enlarge catchment in the huge market of the GBA and reinforcing our strength as the leading air cargo and logistics hub.”

Cathay Group Chief Executive Officer Ronald Lam highlighted the key role cargo plays in the growth and development of both the Group and the Hong Kong international aviation hub. He said: “Cargo has always been an important of part our business. It’s an integral part of our heritage, and of Hong Kong as a centre for global trade.

“In recent times, it offered the Cathay Group a financial lifeline, but it was a real-world lifeline, too. We delivered essential vaccines and fresh food to Hong Kong. We helped to keep trade moving across the world and through our hub. I look forward to Cathay Cargo’s future as a vital part of our Cathay brand, and a key contributor to Hong Kong’s future growth and development.”

As the first marketing campaign following the rebrand of Cathay Cargo earlier this year, “We Know How” focuses on the innovation, people, solutions and service – as well as the “magic” – that are central to Cathay Cargo.

Director Cargo Tom Owen said: “Our brand combines innovation, people, solutions and service. Combined with our freighter fleet, our rebuilding passenger cargo belly network and Hong Kong’s logistics capabilities, we have the quality and expertise needed to thrive in all market conditions.

“We are investing in our brand so that we can continue to grow and build on Hong Kong’s position as the leading air cargo hub. Our brand displays the pride in our achievements, but also our ambitions to move forward – and our optimism for the future of air cargo and our home of Hong Kong.”

The campaign includes Cathay Cargo’s first video advertisement and a series of posters that will appear in Hong Kong Station on the MTR. The ad and posters, shown for the first time at the event, reflect the range of shipments carried as air cargo and that need specialist handling.

General Manager Brand, Insights and Marketing Communications Edward Bell said: “Any shipment on a Cathay Cargo plane matters. It’s going somewhere because it’s needed quickly, or because it needs the protection and assurance of our specialist handling. There is a story behind each shipment that speaks to the magic of the goods we fly, and their importance to the people who receive them.

“‘We Know How’ is a privileged peek into the inner sanctum of our freighters and a chance to experience the expertise of our people and the technology they use to ensure every shipment arrives quickly and in perfect condition.”

Cathay Cargo continues to invest in building its air-cargo expertise to deliver what customers want and to set it and the Hong Kong international aviation hub apart from competitors. Recent investments include&nbsp;<a href="https://www.cathaycargo.com/en-us/solutions/ultra-track.html">Ultra Track</a>, a next-generation track-and-trace tool; putting purchase and confirmation into customers’ hands with&nbsp;<a href="https://cargoclan.cathaycargo.com/best-of-the-batch-for-booking/">Click &amp; Ship</a>; revamping the range of specialist handling solutions; infrastructural upgrades including the&nbsp;<a href="https://cargoclan.cathaycargo.com/inside-the-cold-chain-facility-at-the-heart-of-cathay-pharma">Pharma Handling Centre</a>&nbsp;at the&nbsp;<a href="https://www.cathaycargoterminal.com/en-us/Our-terminal/Facilities">Cathay Cargo Terminal</a>; and digitalising processes and using data to benchmark and measure performance. ​

Mr Owen added: “To become the world’s most customer-centric air cargo services brand, we need to continue to innovate and respond quickly to our customers’ changing needs. Today we are committing to that, confident in the expertise and dedication of our core competitive advantage, our Cathay Cargo people. We Know How.”

<h1>Cathay Cargo launches new brand campaign “We Know How”</h1>The new campaign reinforces cargo’s importance to the Cathay Group and the Hong Kong international aviation hubCathay Cargo was excited to mark the launch of its first marketing campaign, “We Know How”, with a special ceremony held at Hong Kong Aircraft Engineering Company Limited’s (HAECO) hangar facility at Hong Kong International Airport (HKIA) on 21 June. The event also formally introduced the newly rebranded Cathay Cargo with the first Cathay Cargo Boeing 747-8F to receive the new livery making a giant and dramatic backdrop for the occasion.Cathay Group Chief Executive Officer Ronald Lam hosted the event and its guests of honour, including Secretary for Transport and Logistics Mr Lam Sai-hung, Director-General of Civil Aviation Mr Victor Liu Chi-yung from the Civil Aviation Department (CAD), and Airport Authority Hong Kong Chief Executive Officer Mr Fred Lam Tin-fuk.The campaign comes at a time when Cathay Cargo is developing links in its extended home market of the Greater Bay Area (GBA), just ahead of the forthcoming Three-Runway System at Hong Kong International Airport, which will become fully operational in late 2024.In his speech, Secretary for Transport and Logistics Mr Lam Sai-hung referenced the collaborative work between Cathay Cargo and the Airport Authority Hong Kong’s new HKIA Logistics Park in Dongguan. This new facility despatches built-up and screened cargo from the heart of the GBA direct to Hong Kong International Airport by ship.Secretary Lam said: “We appreciate a lot Cathay's unwavering support for this project, with Cathay Cargo and the Cathay Cargo Terminal being the first carrier and the first cargo terminal operator respectively to handle cargo shipments under this innovative model. We trust that this additional mode will open up tremendous opportunities for both Cathay Cargo and our airport, helping both to enlarge catchment in the huge market of the GBA and reinforcing our strength as the leading air cargo and logistics hub.”Cathay Group Chief Executive Officer Ronald Lam highlighted the key role cargo plays in the growth and development of both the Group and the Hong Kong international aviation hub. He said: “Cargo has always been an important of part our business. It’s an integral part of our heritage, and of Hong Kong as a centre for global trade.“In recent times, it offered the Cathay Group a financial lifeline, but it was a real-world lifeline, too. We delivered essential vaccines and fresh food to Hong Kong. We helped to keep trade moving across the world and through our hub. I look forward to Cathay Cargo’s future as a vital part of our Cathay brand, and a key contributor to Hong Kong’s future growth and development.”As the first marketing campaign following the rebrand of Cathay Cargo earlier this year, “We Know How” focuses on the innovation, people, solutions and service – as well as the “magic” – that are central to Cathay Cargo.Director Cargo Tom Owen said: “Our brand combines innovation, people, solutions and service. Combined with our freighter fleet, our rebuilding passenger cargo belly network and Hong Kong’s logistics capabilities, we have the quality and expertise needed to thrive in all market conditions.“We are investing in our brand so that we can continue to grow and build on Hong Kong’s position as the leading air cargo hub. Our brand displays the pride in our achievements, but also our ambitions to move forward – and our optimism for the future of air cargo and our home of Hong Kong.”The campaign includes Cathay Cargo’s first video advertisement and a series of posters that will appear in Hong Kong Station on the MTR. The ad and posters, shown for the first time at the event, reflect the range of shipments carried as air cargo and that need specialist handling.General Manager Brand, Insights and Marketing Communications Edward Bell said: “Any shipment on a Cathay Cargo plane matters. It’s going somewhere because it’s needed quickly, or because it needs the protection and assurance of our specialist handling. There is a story behind each shipment that speaks to the magic of the goods we fly, and their importance to the people who receive them.“‘We Know How’ is a privileged peek into the inner sanctum of our freighters and a chance to experience the expertise of our people and the technology they use to ensure every shipment arrives quickly and in perfect condition.”Cathay Cargo continues to invest in building its air-cargo expertise to deliver what customers want and to set it and the Hong Kong international aviation hub apart from competitors. Recent investments include&nbsp;<a href="https://www.cathaycargo.com/en-us/solutions/ultra-track.html">Ultra Track</a>, a next-generation track-and-trace tool; putting purchase and confirmation into customers’ hands with&nbsp;<a href="https://cargoclan.cathaycargo.com/best-of-the-batch-for-booking/">Click &amp; Ship</a>; revamping the range of specialist handling solutions; infrastructural upgrades including the&nbsp;<a href="https://cargoclan.cathaycargo.com/inside-the-cold-chain-facility-at-the-heart-of-cathay-pharma">Pharma Handling Centre</a>&nbsp;at the&nbsp;<a href="https://www.cathaycargoterminal.com/en-us/Our-terminal/Facilities">Cathay Cargo Terminal</a>; and digitalising processes and using data to benchmark and measure performance. ​Mr Owen added: “To become the world’s most customer-centric air cargo services brand, we need to continue to innovate and respond quickly to our customers’ changing needs. Today we are committing to that, confident in the expertise and dedication of our core competitive advantage, our Cathay Cargo people. We Know How.”Cathay Pacific is the home airline of Hong Kong. At the end of 2022, Cathay Pacific together with its subsidiaries, HK Express and Air Hong Kong, had 222 aircraft at the end of 2022, of which 41 were parked outside of Hong Kong. Our passenger and cargo airlines offered scheduled services to 81 destinations in 30 countries and regions worldwide, including 14 destinations in the Chinese Mainland. Furthermore, the Group served an additional 131 destinations in 21 countries and regions through codeshare agreements.
The Cathay Pacific Group was the world’s eighth-largest carrier of international passengers, and the third-largest carrier of international air cargo prior to the COVID-19 pandemic, according to IATA’s 2019 World Air Transport Statistics.Representatives from the media who cannot find the information they need on this website can get in touch with our Corporate Affairs department by emailing us at press@cathaypacific.com.

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The new campaign reinforces cargo’s importance to the Cathay Group and the Hong Kong international aviation hub