China Eastern Airlines (600115) Q4 2024 earnings summary

Executive summary

• 2024 revenue reached RMB 132.12 billion, up 16.11% year-over-year; net loss attributable to shareholders narrowed to RMB -4.23 billion, a significant reduction from 2023's -8.19 billion.

• Passenger volume hit 141 million, up 21.58% year-over-year; international passenger numbers surged 151.66%.

• Operating cash flow improved 40.53% to RMB 37.31 billion; no cash dividend proposed due to negative distributable profit.

• Company continued to expand international routes, optimize cost controls, and invest in digital transformation and ESG initiatives.

Financial highlights

• Operating income: RMB 132.12 billion, up 16.11% year-over-year; operating cost: RMB 126.50 billion, up 12.48%.

• Net loss attributable to shareholders: RMB -4.23 billion, a reduction of RMB 3.96 billion from 2023.

• Basic and diluted EPS: -0.19 yuan, improved from -0.37 yuan in 2023.

• Gross margin improved by 3.09 percentage points to 4.26%.

• EBITDA/total debt ratio: 0.12; interest coverage: 0.22; cash interest coverage: 8.17.

• Operating cash flow: RMB 37.31 billion, up 40.53% year-over-year.

Outlook and guidance

• IATA forecasts 2025 global air passenger numbers to reach 5.2 billion, up 6.7%; global airline revenue to hit $1 trillion.

• China’s economic growth and high-level opening expected to support continued aviation market expansion.

• Company targets high-quality growth, focusing on safety, operational efficiency, service, digitalization, and ESG.

• Plans to introduce 60 new aircraft and retire 26 in 2025, with continued fleet modernization.