ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print

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 operating scheduled airline services. The firm is also involved in airline catering, aircraft handling, aircraft engineering, and cargo terminal operations. It operates through following business segments: HK Express, Air Hong Kong, Airline Services, and Associates. The HK Express segment offers passenger carrier scheduled services. The Air Hong Kong segment provides express cargo air transportation offering scheduled services. The Airline Services segment includes catering, cargo terminal operations, ground handling services, and commercial laundry operations. The Associates segment includes companies which hold a substantial long-term interest in equity share capital. 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 2022 HKDUSD
Gross Profit4,420M564.46M
Operating income244M31.16M
Income before tax637M81.34M
Net income-6,548M-836.21M
Diluted EPS-1.11-0.14
Dividends Per Share00
Total Assets180,914M23,179.39M
Total liabilities117,556M15,061.72M
Total equity63,352M8,116.90M
Operating cash flow18,932M2,417.72M
Currency in HKDCurrency in USD

Historical Data

 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 111,060M 106,973M 46,934M 45,587M 51,036M
Gross Profit 11,865M 9,202M -5,555M 836M 4,420M
Operating income 4,583M 3,219M -9,333M -3,174M 244M
Income before tax 3,243M 502M -21,039M -4,072M 637M
Net income 2,345M 1,691M -21,648M -5,527M -6,548M
EBITDA 14,385M 18,232M 5,266M 9,651M 12,672M
Diluted EPS 0.51 0.37 -4.24 -0.95 -1.11
Dividends Per Share 0.26 0.15 0 0 0
Total Assets 190,294M 214,516M 204,574M 196,627M 180,914M
Total liabilities 126,355M 151,740M 131,313M 124,904M 117,556M
Total equity 63,936M 62,773M 73,257M 71,718M 63,352M
Operating cash flow 14,992M 15,736M -13,616M 8,835M 18,932M
 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 14,170.25M 13,652.87M 6,051.31M 5,864.91M 6,517.60M
Gross Profit 1,513.86M 1,174.44M -716.22M 107.55M 564.46M
Operating income 584.74M 410.83M -1,203.32M -408.34M 31.16M
Income before tax 413.77M 64.06M -2,712.61M -523.87M 81.34M
Net income 299.20M 215.82M -2,791.13M -711.06M -836.21M
EBITDA 1,835.39M 2,326.93M 678.95M 1,241.63M 1,618.28M
Diluted EPS 0.06 0.04 -0.54 -0.12 -0.14
Dividends Per Share 0.03 0.02 0 0 0
Total Assets 24,305.21M 27,530.99M 26,383.53M 25,220.55M 23,179.39M
Total liabilities 16,138.63M 19,474.31M 16,935.20M 16,020.93M 15,061.72M
Total equity 8,166.19M 8,056.28M 9,447.82M 9,198.97M 8,116.90M
Operating cash flow 1,912.84M 2,008.37M -1,755.54M 1,136.65M 2,417.72M

Valuation Measures

Dec 2022
Operating margin0.47%
Profit margin-12.83%

Key executives

  • Chief Executive Officer & Executive Director: Siu Por Lam
  • COO, Director & Chief Service Delivery Officer: Alexander James John McGowan
  • Chief Financial Officer & Executive Director: Rebecca Jane Sharpe
  • Director-Digital & Information Technology: Lawrence Fong
  • Director-Flight Operations: Chris Kempis


  • Swire Pacific Ltd. (45.0%)
  • Air China Ltd. (29.9%)
  • Government of Qatar (9.9%)
  • Hermes Investment Management Ltd. (0.5%)
  • Norges Bank Investment Management (0.3%)
  • The Vanguard Group, Inc. (0.3%)
  • Schroder Investment Management (Hong Kong) Ltd. (0.3%)
  • Dimensional Fund Advisors LP (0.3%)
  • US Global Investors, Inc. (Asset Management) (0.1%)
  • Union Investment Privatfonds GmbH (0.1%)

Contact Details

  • Website:
  • Address: Cathay Pacific City, 8 Scenic Road, Hong Kong International Airport, Hong Kong, Hong Kong
  • Phone: +852.2747.3333

Related Companies

  • Cathay Pacific Airways Ltd. (New Zealand)
  • New Zealand Basing Ltd.
  • Cathay Pacific Airways Ltd. (Spain)
  • Cathay Pacific MTN Financing (HK) Ltd.
  • Troon Ltd. (Isle of Man)
  • Cathay Pacific Fund Management Ltd.
  • Cathay Pacific China Cargo Holdings Co. Ltd.
  • Global Logistics System (HK) Co. Ltd.
  • Connaught Network Services Pvt Ltd.
  • Cathay Pacific Services Ltd.
  • Cathay Pacific Leasing Ltd.
  • Cathay Pacific Airways Ltd. (Australia)
  • Cathay Pacific MTN Financing Ltd.
  • Asia Miles Ltd.
  • Hong Kong Express Airways Ltd.
  • CPA Finance Cayman
  • Cathay Pacific Finance Ltd.
  • Cathay Pacific Aircraft Services Ltd.
  • Hong Kong Dragon Airlines Ltd.
  • AHK Air Hong Kong Ltd.


  • Air China Limited Class H
  • China Airlines Ltd.
  • PT Garuda Indonesia (Persero) Tbk Class B
  • China Southern Airlines Company Limited Class H
  • Qantas Airways Limited
  • Cebu Air Inc.
  • PAL Holdings, Inc.
  • JG Summit Holdings Inc.
  • Asia Aviation Public Co., Ltd.
Last Updated on 1 Jun, 2023

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more