Cathay Pacific Airways Ltd.

In the news

Record loss for Cathay Pacific exacerbated by fuel hedges Aug 12, 2020
WWII anniversary, SoftBank results, Jokowi's state of the union Aug 9, 2020
Cathay Pacific shores up cash position with jet delivery delay Jul 22, 2020
Cathay Pacific warns of $1.3bn net loss due to COVID Jul 17, 2020
Cathay Pacific shareholders approve government-led bailout Jul 13, 2020

See more articles on Cathay Pacific Airways Ltd.

Company Background

Cathay Pacific Airways is Hong Kong's flag carrier, offering passenger and cargo services to around 200 cities in Asia, Europe, North America, Africa and Australia. It has a workforce of around 23,000.

The company was established in 1946 by Roy Farrell, an American, and Sydney de Kantzow, an Australian. Early on, it offered flights to Shanghai, Bangkok, Manila and Singapore.

Swire Pacific, a conglomerate engaged in the property development, beverage, marine services and trading businesses, has owned 45% of Cathay Pacific since 1948. Through the years, Swire has overseen the airline's expansion. In 2006, Cathay Pacific acquired Dragonair, a Hong Kong-based carrier that mainly flies within the Asia-Pacific region. Around the same time, it signed a strategic partnership with national flag carrier Air China.

Air China owns 29.99% of Cathay Pacific.

John Slosar, who also leads Swire, became chairman of Cathay Pacific in 2014. Amid the rise of low-cost carriers, he plans to boost the airline's competitiveness by capitalizing on a new runway at Hong Kong International Airport. The third runway, scheduled for completion in 2023, should allow the airport to handle 102 flights per hour, up from 68, and serve an additional 30 million passengers annually.

Business Summary

Cathay Pacific Airways Ltd. engages in airline operations. It operates through the Airline Business and Non-Airline Business segments. The Airline Business segment comprises of passenger and cargo operations. The Non-Airline Business segment includes airline catering, ground handling, and aircraft ramp handling services. The company was founded by Roy C. Farrell and Sydney H. de Kantzow on September 24, 1946 and is headquartered in Hong Kong.

Financial Highlights

Dec 2021	HKD	USD
Revenue	45,587M	5,864.91M
Gross Profit	836M	107.55M
Operating income	-3,174M	-408.34M
Income before tax	-4,072M	-523.87M
Net income	-5,527M	-711.06M
EBITDA	9,651M	1,241.63M
Diluted EPS	-0.95	-0.12
Dividends Per Share	0	0
Total Assets	196,627M	25,220.55M
Total liabilities	124,904M	16,020.93M
Total equity	71,718M	9,198.97M
Operating cash flow	8,835M	1,136.65M
	Currency in HKD	Currency in USD

Historical Data

HKD | USD

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021
Revenue	97,284M	111,060M	106,973M	46,934M	45,587M
Gross Profit	13,405M	11,865M	9,202M	-5,555M	836M
Operating income	4,235M	4,583M	3,219M	-9,333M	-3,174M
Income before tax	-580M	3,243M	502M	-21,039M	-4,072M
Net income	-1,259M	2,345M	1,691M	-21,648M	-5,527M
EBITDA	13,589M	14,385M	18,232M	5,266M	9,651M
Diluted EPS	-0.27	0.51	0.37	-4.24	-0.95
Dividends Per Share	0.04	0.26	0.15	0	0
Total Assets	188,378M	190,294M	214,516M	204,574M	196,627M
Total liabilities	127,106M	126,355M	151,740M	131,313M	124,904M
Total equity	61,101M	63,936M	62,773M	73,257M	71,718M
Operating cash flow	4,694M	14,992M	15,736M	-13,616M	8,835M

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021
Revenue	12,483.80M	14,170.25M	13,652.87M	6,051.31M	5,864.91M
Gross Profit	1,720.17M	1,513.86M	1,174.44M	-716.22M	107.55M
Operating income	543.44M	584.74M	410.83M	-1,203.32M	-408.34M
Income before tax	-74.42M	413.77M	64.06M	-2,712.61M	-523.87M
Net income	-161.55M	299.20M	215.82M	-2,791.13M	-711.06M
EBITDA	1,743.78M	1,835.39M	2,326.93M	678.95M	1,241.63M
Diluted EPS	-0.03	0.06	0.04	-0.54	-0.12
Dividends Per Share	0.00	0.03	0.02	0	0
Total Assets	24,097.57M	24,305.21M	27,530.99M	26,383.53M	25,220.55M
Total liabilities	16,259.57M	16,138.63M	19,474.31M	16,935.20M	16,020.93M
Total equity	7,816.12M	8,166.19M	8,056.28M	9,447.82M	9,198.97M
Operating cash flow	602.34M	1,912.84M	2,008.37M	-1,755.54M	1,136.65M

Valuation Measures

Dec 2021
PER	--
ROA	-2.75%
ROE	-7.62%
Operating margin	-6.96%
Profit margin	-12.12%

Key executives

Chief Executive Officer & Executive Director: Kin Wing Tang
COO, Director & Chief Service Delivery Officer: Gregory Thomas Forrest Hughes
Chief Financial Officer & Executive Director: Rebecca Sharpe
Commercial Director: Lavinia Lau
Cargo Director: Tom William Owen

Shareholders

Swire Pacific Ltd. (45.0%)
Air China Ltd. (29.9%)
Government of Qatar (9.9%)
Capital Research & Management Co. (Global Investors) (0.9%)
Norges Bank Investment Management (0.5%)
Capital Research & Management Co. (World Investors) (0.5%)
Dimensional Fund Advisors LP (0.3%)
The Vanguard Group, Inc. (0.3%)
Russell Investments Ltd. (0.1%)
Oaktree Capital Management LP (0.0%)

Contact Details

Website:http://cathaypacific.com
Address: Cathay Pacific City, 8 Scenic Road, Hong Kong International Airport, Hong Kong, Hong Kong
Phone: +852.2747.3333

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Competitors

Air China Limited Class H
China Airlines Ltd.
China Eastern Airlines Corporation Limited Class H
PT Garuda Indonesia (Persero) Tbk Class B
China Southern Airlines Company Limited Class H
Qantas Airways Limited
El Al Israel Airlines Ltd
Cebu Air Inc.
PAL Holdings, Inc.
JG Summit Holdings Inc.
Asia Aviation Public Co., Ltd.

Last Updated on 24 May, 2022