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Cathay Group announces 2024 annual results

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HONG KONG, 13 March 2025: Cathay Group announced its annual results for 2024 on Wednesday, showcasing a solid financial performance driven by stronger cargo demand, higher passenger volumes, lower fuel price and higher cost efficiencies compared with the previous year.

The Cathay Group reported an attributable profit of HKD9.9 billion in 2024, compared to HKD9.8 billion in 2023.

Photo credit: Cathay Group.

The Cathay Group’s airlines and subsidiaries, excluding exceptional items, reported an attributable profit of HKD8.8 billion for 2024 versus a profit of HKD9.2 billion in 2023. Results from associates, the majority of which are recognised three months in arrears, were a full-year profit of HKD288 million, compared with a loss of HKD1.6 billion in 2023.

Cathay Group Chair Patrick Healy said: “This second consecutive year of solid financial performance is a testament to our global teams’ outstanding effort and dedication. It has enabled us to complete buybacks, pay dividends to our shareholders, reward our people and commit substantial investments that will enhance the experience for our customers and benefit our home hub, Hong Kong.”

Stronger cargo demand

Cathay Cargo performed very well in 2024, especially in the second half, with strong e-commerce demand being a key driver. Overall, cargo tonnage was 11% higher, and yield was about 3% higher than in 2023.

Higher passenger volumes

Cathay Pacific and HK Express carried over 30% more passengers on the travel side. However, as the airlines added flights to the market, passenger yields (or average revenue generated per revenue passenger kilometre (RPK)) continued to normalise as expected. Cathay Pacific saw a 12% decrease in yield, while for HK Express, this was even more pronounced, with yields down 23% year on year, reflecting the intense competition on regional routes.

Cathay is committed to its dual-brand strategy to serve customers with different needs. Cathay Pacific is its premium full-service airline, and HK Express is its low-cost airline. HK Express experienced short-term operational issues in 2024 that affected its earnings, with an average of five of its Airbus A320neo fleet grounded due to industry-wide Pratt & Whitney engine issues.

Cathay has confidence in the long-term, low-cost carrier business model of HK Express, with its commitment to offering low fares and more destination choices for customers. A path to sustained profitability can be expected as the airline grows and increases its efficiencies. HK Express is the world’s fastest-growing airline, according to aviation analytics provider OAG, and was recently named one of the world’s top five low-cost airlines by Airline Ratings.

Lower fuel price and higher cost efficiencies

Although Cathay Group’s airlines flew more, fuel was less expensive. The average into-plane unit fuel price (excluding hedging) was over 9% lower year-on-year.

With the increase in both passenger and cargo volumes, the Cathay Group (before subsidiaries and associates) was able to spread its fixed costs over a broader base, resulting in a 4.5% decrease in cost per available tonne kilometre (ATK) (excluding fuel) compared with 2023.  

Improved results from associates 

The results from associates, recognised three months in arrears, also improved from a HKD1.6 billion loss in 2023 to a HKD288 million profit in 2024. The Cathay Group’s associates primarily include Air China Limited (Air China) and Air China Cargo Co Ltd. Air China’s results improved due to the recovery of the civil aviation market, increased fleet efficiency and stricter cost management.  

Buybacks and dividends 

In addition to Cathay buying back the remaining 50%, or HKD9.8 billion, of the preference shares from the Hong Kong SAR Government in July 2024, nearly HKD4 billion was paid to the Government in preference share dividends over its holding period and in buying back the warrants in September 2024.  

In early January 2025, Cathay repurchased approximately 68% of the HK$6.7 billion guaranteed convertible bonds due 2026.  

Cathay’s full-year result has allowed it to announce a second interim dividend payment of 49 cents per share to ordinary shareholders. With the first interim dividend already paid, 69 cents per share or HKD4.4 billion will have been paid in ordinary share dividends in 2024.

Cathay confirms it will provide its people with more than 10 weeks of eligible pay through discretionary bonuses and profit sharing.

HKD100 billion in investments, 100 new aircraft, 100 destinations

Healy continued: “We are excited about the future and remain firmly committed to strengthening the Hong Kong international aviation hub by boosting air travel and cargo capacity and elevating our customer experience. Our financial performance gives us the confidence to commit to investing over HK$100 billion to coincide with the launch of the Three-Runway System.

“We have already commenced taking delivery of more than 100 new-generation aircraft and introducing new world-leading cabin interiors, including Aria Suite and our all-new Premium Economy, new flagship lounges, and digital innovations.

“We are also continuing to expand our global network, having already announced 11 additional destinations for 2025, with more to come. Cathay Pacific and HK Express will operate passenger services to more than 100 destinations this year.”

Dusit signs its first Dusit Collection in Indonesia

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BANGKOK, Thailand, 12 March 2025: Dusit International, one of Thailand’s leading hotel and property development companies, has signed a hotel management agreement with PT Komodo Property Management to manage Kaliwatu Residences — Dusit Collection.

The exclusive new luxury retreat is located in Labuan Bajo, Flores Island, one of Indonesia’s fastest-growing tourism destinations. 

This signing marks Dusit’s first Dusit Collection branded hotel in Indonesia, complementing the success of its subsidiary, Elite Havens — the region’s premier luxury villa rental provider — which already manages properties in Bali and Lombok.

Located on the western tip of Flores, just 10 minutes by car from Komodo International Airport and the vibrant town of Badjo — the gateway to Komodo National Park, renowned for its legendary Komodo dragons and world-class diving — Kaliwatu Residences – Dusit Collection promises a serene escape in a private hillside setting, surrounded by natural beauty and offering panoramic sea views.

Developed in phases, with full completion scheduled for Q2 2028, the project will feature 63 spacious, well-appointed private villas with plunge pools, 194 contemporary apartments, and a clubhouse housing a restaurant, bars, shops, a gym, a spa, and a rooftop swimming pool.

As part of Dusit’s luxury Dusit Collection brand — dedicated to exceptional hotels and residences in iconic locations — the new property embodies sleek, contemporary architecture inspired by European style and standards. Each villa has been meticulously designed with unique shapes and orientations to blend seamlessly with its natural surroundings, ensuring an exclusive and immersive experience for guests.

Beyond its luxurious offerings, the property will provide easy access to Labuan Bajo’s rich cultural and natural attractions, including stunning pink beaches, fascinating underground caves, cascading waterfalls, breathtaking hiking trails with panoramic viewpoints, and extraordinary encounters with Komodo dragons — the world’s largest lizards — within Komodo National Park. 

Recognised for its unique wildlife and pristine marine environment, Labuan Bajo has been designated the best of Indonesia’s five super priority destinations — with a target of attracting 1.5 million tourists annually. Ongoing infrastructure improvements include recent upgrades to Komodo International Airport. Also, new direct flights from Kuala Lumpur and Singapore (launching in March) and Perth, Australia (coming soon), will elevate Labuan Bajo’s status as a premier destination for relaxation and adventure. 

“The signing of Kaliwatu Residences – Dusit Collection marks a significant milestone in Dusit’s expansion strategy, strengthening our presence in Southeast Asia’s thriving luxury hospitality market,” said Dusit International  Chief Operating Officer Gilles Cretallaz.

“Labuan Bajo is an extraordinary destination with immense potential, and we are delighted to introduce our signature Thai-inspired gracious hospitality to this stunning location. This project embodies everything Dusit stands for: Refined luxury, cultural richness, and a commitment to creating value for the wider community. We look forward to delivering an exceptional experience for our guests.” 

PT Komodo Property Management CEO Alessandro Mugavero said: “As Labuan Bajo cements its position as a premier global destination, this project is perfectly timed to set new standards in sustainable luxury hospitality. Our vision for Kaliwatu Residences – Dusit Collection is to create a sanctuary that harmonises with nature while delivering world-class amenities. With Dusit’s expertise and commitment to excellence, we are confident this collaboration will redefine the region’s hospitality landscape. Local authorities fully support the development and construction of the project, which are being carried out in collaboration with the neighbouring community, further enhancing its positive impact on the local economy.”

With this latest addition, Dusit’s portfolio now spans 296 properties across 18 countries, including 57 operating under Dusit Hotels and Resorts and 239 luxury villas under Elite Havens. Kaliwatu Residences – Dusit Collection joins two other properties currently in development: Layan Verde in Phuket (opening 2027) and Plaza De Zamboanga – Dusit Collection, Philippines (opening later this year).

For more information, please visit www.dusit.com

(Source: Dusit International)

Sabah promotes OCEANMAN open-water race

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KOTA KINABALU, 12 March 2025: Participation in this year’s OCEANMAN is expected to more than triple compared to last year, reflecting the event’s growing appeal among international open water swimmers to compete in Sabah’s coastal seas. 

The competition, which will be held from 19 to 20 July in Kota Kinabalu, will welcome athletes from Indonesia, Taiwan, Kazakhstan, India, Thailand, the Philippines, and Singapore.

Photo credit: Sabah Tourism Board.
Assistant Tourism, Culture, and Environment Minister Datuk Joniston Bangkuai launching OCEANMAN 2025 at ITB Berlin. Also present are: (from left) Ministry’s Deputy Permanent Secretary II, Alisia Sion, Sabah Tourism Board Chief Executive Officer Julinus Jeffery Jimit, OCEANMAN Malaysia Event Director Azura Zainol Abidin, and Embassy of Malaysia in Berlin Charge d’Affaires Rozaime Mohamed Desa.

OCEANMAN Malaysia Event Director Azura Zainol Abidin said the event is on track for significant growth from last year’s 180 participants, with more swimmers signing up as registration remains open.

Assistant Tourism, Culture, and Environment Minister Datuk Joniston Bangkuai officially launched OCEANMAN 2025, supported by the Sabah Tourism Board, at last week’s International Exchange Tourism (ITB Berlin).

He said hosting international events like OCEANMAN promotes sports tourism and showcases Sabah’s world-class natural assets and proves that the state can deliver exceptional global experiences.

“Sabah is more than just a travel destination. It’s a playground for adventurers, a training ground for athletes, and a stage for world-class competitions,” Minister Joniston said.

He added that events of this scale help strengthen Sabah’s reputation while supporting the local economy, from hotels and restaurants to transport and small businesses.

He also said hosting large-scale events supports Sabah’s goal of reaching 3.3 million tourist arrivals this year.

Joniston led the Sabah Tourism Board delegation to ITB Berlin, accompanied by Sabah Tourism, Culture, and Environment Ministry’s Deputy Permanent Secretary II, Alesia Sion, and Sabah Tourism Board Chief Executive Officer Julinus Jeffery Jimit.

For more information on Sabah tourism visit: https://sabahtourism.com/

(Source: Sabah Tourism Board)

Melia’s cuts Net Financial Debt by a third

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TTR WEEKLY
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PALMA DE MALLORCA, Spain, 12 March 2025: Meliá Hotels International’s 2024 results reflect the general growth and consolidation trend in the global hotel industry, with a healthy return to normalisation after two years of accelerated growth. 

For Meliá, this trend translated into a 4.4% increase in revenue excluding capital gains (EUR2,013 million) and a 10.7% improvement in Average Revenue Per Available Room (RevPAR), 75% of which was attributed to the improvement in the average rate during the year, while occupancy levels remained slightly below those recorded in 2019, leaving room for further growth.

Photo credit: Melia Koh Samui Thailand.

The group’s EBITDA also surpassed expectations, reaching EUR575.4 million (EUR533.6 million excluding capital gains), and consolidated profit (EUR162 million) improved by 24.5% compared to 2023.

Meliá reduced its Net Financial Debt by nearly one-third and reached its goal of positioning its Net Debt/EBITDA ratio at 2.2x, a level similar to pre-Covid figures.

Direct booking channels

Meliá’s strategy to build a more resilient and profitable business has relied on several levers to ensure sustainable and qualitative growth. 

These include expansion into both traditional destinations and emerging markets such as Albania, Saudi Arabia, and the Indian Ocean, as well as a focus on the luxury segment, where premium and luxury brands now represent 64% of the portfolio and 80% of the pipeline. 

Additionally, revenue maximisation is supported by direct channels like Melia.com and the revamped Meliá App, which now account for 50% of total centralised sales. 

Support for travel agencies

At the same time, the group has reaffirmed its commitment to travel agencies, companies, meeting planners, and tour operators by introducing a new, more intuitive and faster MeliaPro website — Meliá’s B2B digital platform for professionals — equipped with the latest technology. In 2024, sales through MeliaPro increased by 21%, surpassing the growth of the B2C channel Melia.com, which grew by 19%. 

In 2024, Meliá signed 34 new hotels in emerging destinations across Europe, such as Albania and Malta, Southeast Asia, including Thailand and Vietnam, the Caribbean, Latin America, and Spain. In Albania (with over 4,000 rooms in operation and in the pipeline) and Vietnam (with 8,185 rooms), Meliá is already the leading hotel operator in these countries.

Asia: Hotel business outlook (Q4 2024 and Q1 2025)

At the end of the year, China continued to face the challenges experienced throughout 2024. The domestic customer remained the primary contributor, although international demand — particularly in the Company’s hotels in Chengdu and Xian — showed signs of recovery.

Looking ahead to 2025, a moderate increase in demand is expected. Domestic demand is anticipated to be concentrated around festive seasons, with rate stability but volume growth and later bookings. This trend aligns with the broader economic uncertainty, including slower-than-usual growth, the real estate crisis, and risks related to the ongoing trade war with the US. As for international demand, the recovery of air capacity is expected to continue.

2025: Double-digit growth in Thailand and Vietnam 

Southeast Asia saw a positive fourth quarter, driven by international customer contributions, improved local connectivity, and events. By country, Vietnam experienced a significant increase in travellers, particularly from high-purchasing power markets such as India, South Korea, and China. 

Thailand continued to lead in international arrivals, supported by new routes and aggressive promotional campaigns. Both countries showed notable improvements in occupancy compared to the previous year and, to a lesser extent, in average rates. Meanwhile, the historic Meliá Bali was closed due to a complete refurbishment.

2025 should deliver strong international growth, particularly in Thailand and Vietnam, which are anticipated to see double-digit RevPAR growth compared to the previous year. This growth will primarily stem from average price increases, though solid occupancy growth is also expected. Additionally, regional demand will be boosted by the reactivation of major events and the improvement of air routes.

Unicorn Hospitality manages Xcape River Kwai

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TTR WEEKLY
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BANGKOK, 12 March 2025: Unicorn Hospitality, a hospitality management & consultancy firm based in Bangkok, is now managing the recently rebranded Xcape River Kwai Hotel located in Kanchanaburi province on the banks of the iconic River Kwai Noi

The riverside retreat joins the Unicorn Hospitality management and hotel consultancy firm’s portfolio of hotel clients in Bangkok, Phuket, Chiang Mai, Myanmar, Vietnam and Oman.

Photo credit: Xcape River Kwai.

Following the rebrand, Unicorn Hospitality oversees the “full management of the property”, the company reports.

“Joining forces with Unicorn Hospitality will help us refine our brand and embark on this new journey together,” said Xcape River Kwai Hotel owner Thienchai Techawatanasuk.

Special Rebranding Promotion

A rebranding promotion with F&B and other perks is currently available for stays until 30 June 2025. Rooms start at THB4,500 per night. A surcharge of THB 1,500 per room per night applies for guests planning weekend or long weekend stays.

The resort is adjacent to the River Kwai at Noi Nong Ya Soi 5 Ban Wanglan, Tambon Nong Ya, Amphoe Mueang Kanchanaburi, Thailand. It is approximately 10 km from Kanchanaburi’s town centre.

Singapore’s CÉ LA VI parks for a refresh

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TTR WEEKLY
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SINGAPORE, 12 March 2025: CÉ LA VI Singapore is set to undergo an ambitious transformation of its restaurant and skybar from 17 March to June 2025. 

The renovation aligns with Marina Bay Sands’ multi-year redevelopment and its enhanced focus on luxury hospitality and marks a significant milestone as the homegrown brand prepares to celebrate its 15th anniversary. 

Photo credit: Marina Bay Sands. CÉ LA VI in the sky.

Since 2010, CÉ LA VI has been a symbol of Singapore’s lifestyle scene. It features sky-gazing cocktails at dusk, dining experiences, live entertainment, and music against the stunning Marina Bay skyline.

The renovation project will completely transform the venue’s restaurant and bar spaces, while CÉ LA VI’s Club Lounge will continue to operate. 

The renovation announcement comes as CÉ LA VI continues to expand its presence globally, with new venues on the horizon in key cities worldwide, including London (17,000 sq ft) and Miami (14,000 sq ft). 

Superyachts signal race for marine tourism

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TTR WEEKLY
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BALI, Indonesia, 12 March 2025: The Indonesian Ministry of Tourism (MoT) is urging the country’s travel and tourism industry to rise to the challenge and focus more on high-value tourism, such as spearheading mega marina projects that draw the global superyacht community to visit Indonesia.

Asia Pacific Superyachts noted in a press statement released last week that the Ministry of Tourism is supporting the development of marinas and boating infrastructure to capitalise on the growing yachting industry across Southeast Asia and Australia”. 

Photo Credit: Asia Pacific Superyachts Indonesia.

One of the new marina projects is Indonesia’s first Full-Service Yacht Marina, which was recently given the go-ahead. Asia Pacific Superyachts noted that PT Marina Development Indonesia and Pelindo have signed a contract announcing the groundbreaking of the first international-standard full-service marina in Indonesia.

This milestone project represents a significant leap forward in the country’s maritime tourism and infrastructure. The marina will be able to accommodate 180 wet berths, including more than 50 superyachts up to 90 meters in length. 

It will have a modern yacht service area equipped with a travel lift capable of handling up to 200 tons and a high-quality fueling station. The development is poised to deliver world-class facilities, further positioning Indonesia as a premier destination for maritime activities. 

Reporting on new marina developments, Asia Pacific Superyachts Indonesia, Captain Thomas Taatjes enthused: “We are all looking forward to a promising future for yachting and marine tourism in Indonesia.”

Further to the importance of the new marina, Marina Development Indonesia President and Director Ulf Backlund said: “Indonesia deserves a first-class marina that reflects its status as the new yachting paradise of the world. Indonesia’s distinctive location, safely positioned outside hurricane and typhoon paths, combined with its 17,000 islands, spectacular diving locations, diverse languages, cultures, and favourable weather all year long, makes Indonesia the ideal location for such a development.” 

“This marina will attract global yachting enthusiasts and open up the opportunity to explore Indonesia’s natural beauty in the world’s biggest archipelago, ” Backlund concluded.

For more information on the marina sector and superyachts, visit www.asia-pacific-superyachts.com.  

(Source: Asia Pacific Superyachts)

Qatar Airways increases summer flights

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DOHA, 12 March 2025: Qatar Airways is enhancing global connectivity with additional flights to key destinations worldwide during the peak summer season.

The expanded services will offer passengers improved connections, further strengthening the airline’s network of more than 170 destinations.

Photo credit: Qatar Airways.

Qatar Airways Chief Commercial Officer Thierry Antinori said: “The new additions further reflect our commitment to fostering worldwide connectivity and elevating passengers’ travel experience with our award-winning hub, Hamad International Airport (DOH).  With the peak summer season approaching, we are pleased to fulfil the ever-increasing demand for air travel with accessible and convenient flight schedules.”

More Qatar Airways flights:

  • Amsterdam – increased from seven weekly flights to 11
  • Damascus – increased from three weekly flights to 14
  • Dar Es Salaam-Kilimanjaro – increased from three weekly flights to seven
  • Entebbe – increased from seven weekly flights to 11
  • Larnaca – increased from seven weekly flights to 10
  • London Heathrow – increased from 49 weekly flights to 56
  • Madrid – increased from 14 weekly flights to 17 (bringing the jointly operated flights between Qatar Airways and Iberia from 21 weekly flights to 24)
  • Maputo-Durban – increased from five weekly flights to seven
  • Sharjah – increased from 21 weekly flights to 35
  • Tokyo Narita – increased from 11 weekly flights to 14
  • Tunis – increased from 10 weekly flights to 12

Vietnam monitors 30% visitor surge in 2025

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HANOI, Vietnam, 12 March 2025: Vietnam’s National Statistics Office reports that nearly 1.9 million visitors arrived in Vietnam in February, raising the total visits to approximately 4 million for the first two months of 2025.

The two-month tally represents an increase of 30.2% compared to visits in January and February of 2024.

Top 10 source markets of Vietnam in the first two months of 2025 (thousands of arrivals)

Source: Compiled from the National Statistics Office

China remained the largest source market, with 956,000 arrivals in the first two months of 2025 (accounting for 27.7%). South Korea ranked second with 885,000 arrivals. These two markets contributed 46% of the total international arrivals to Vietnam. Taiwan (China) and the US ranked third and fourth, respectively.

Japan, Cambodia, Australia, Malaysia, India, and Russia were among the top 10 largest source markets.

China’s outbound market to Vietnam witnessed strong growth (+77,8%) while other markets increased steadily: South Korea (+4.9%), Taiwan (+10.1%), the US (+15.7%), and Japan (+37.3%).

Short-haul markets in Southeast Asia saw positive growth, including Malaysia (+12.5%), Cambodia (+79.6%), the Philippines (+99.8%), Indonesia (+18.5%), and Thailand (+93.2%).

Notably, European markets reported rapid growth, including the UK (+24.1%), France (+30.2%), Germany (+26.7%), Italy (+31.5%), Spain (+19.9%), Russia (+104.3%), Denmark (+20.9%), Sweden (+21.8%), Norway (+21.4%).

In addition, the markets of Poland and Switzerland also recorded high increases, 54.2% and 14.2%, respectively, compared to the same period in 2024. 

Vietnam is waiving visas for tourists from Poland, the Czech Republic, and Switzerland for a temporary stay of up to 45 days from 1 March 2025 to 31 December 2025. 

(Source: Vietnam’s Tourism Information Technology Centre)

RWMF: Early bird tickets on sale

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KUCHING, 11 March 2025: The Rainforest World Music Festival (RWMF) 2025 countdown has officially begun. Music lovers, cultural enthusiasts, and eco-conscious travellers, get ready — early bird ticket sales are open until 31 March 2025.

This year’s festival, themed “Connections: One Earth, One Love,” will feature an electrifying lineup of 170 performers from 20 countries, including world-class headliners like The Earth, Wind & Fire Experience by Al McKay, Otyken from Siberia, Russia, and At Adau. Don’t miss your chance to experience these global superstars and more at the iconic Sarawak Cultural Village from 20 to 22 June 2025

Early Bird Ticket Prices:

• Adult One-Day Pass: RM235 (early bird). Save RM48 against pre-sale (RM283) and RM98 against door sale (RM333)!

• Adult Three-Day Pass: RM635 (early bird). Save RM130 against pre-sale (RM765) and RM200 against door sale (RM835).

• Child One-Day Pass (Ages 3-12): RM80. Children under 3 enter for free.

How to Grab Your Tickets:

Don’t miss your chance to secure the year’s best prices during the Early Bird Access period from 8 to 31 March 2025. Head to the Rainforest World Music Festival website to book your spot before this exclusive offer ends.

Travelling to RWMF 2025 is now easier and more affordable! Thanks to our Official Airline Partners, Malaysia Airlines (MH) and Firefly (FY), festival-goers can enjoy up to 20% off flights to Kuching.

• Promo Period: 12 March – 22 June 2025
• Travel Period: 14 June – 29 June 2025

Malaysia Airlines (MH):

• Routes: Fly into Kuching (KCH) from Malaysia (MY), Indonesia (ID), Singapore (SG), Thailand (TH), Philippines (PH), Australia (AU), New Zealand (NZ), and the UK (UK).

• Promo Code: Use MHRWMF25 when booking.

Firefly (FY):

• Routes: SZB-KCH, BKI-KCH, KCH-MYY

• Promo Code: Use FYRWMF25 when booking.

With last year’s festival achieving a record-breaking 26,000 attendees, RWMF 2025 is expected to sell out fast— so don’t wait. Grab your early bird tickets now for an unforgettable celebration of music, culture, and connection.

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