China Southern Airlines Company (1055) H2 2024 earnings summary

Executive summary

• Operating revenue reached RMB 174,224 million in 2024, up 8.94% year-over-year, driven by strong recovery in passenger and cargo demand.

• Net loss attributable to equity holders narrowed to RMB -1,769 million, a reduction of RMB 2.371 billion from 2023.

• EBITDA increased by RMB 3.978 billion year-over-year to RMB 35,550 million.

• Passenger load factor improved by 6.29 percentage points to 84.38%, while yield per RPK declined by 12.73%.

• Maintained industry-leading operational safety with over 32.49 million safe flight hours and multiple industry awards.

Financial highlights

• Passenger revenue totaled RMB 146,450 million, up 7.55% year-over-year; cargo and mail revenue reached RMB 18,695 million, up 22.39%.

• Operating profit increased to RMB 8,327 million in 2024 from RMB 5,557 million in 2023.

• Operating expenses rose 8.02% to RMB 171,806 million, with fuel costs up 5.65% and catering costs up 71.91%.

• Cash and cash equivalents at year-end were RMB 12,984 million, up from RMB 9,531 million.

• Net cash inflow from operating activities was RMB 25,764 million; net cash outflow from investing and financing activities totaled RMB 22,317 million.

Outlook and guidance

• Plans to strengthen operational and brand leadership, focusing on sustainable, high-quality safety and digital transformation.

• Will continue to develop new productive forces, enhance service quality, and expand strategic initiatives.