HONG KONG, March 13 Reuters Cathay Pacific posted its first annual profit since 2019 as it left behind the COVID19 period distress that drove heavy losses and layoffs at the airline, sending its shares surging to a fouryear high.

Hong Kong39;s flagship airline announced on Wednesday it made a HK9.79 billion 1.25 billion net profit in 2023, and said it plans to expand its workforce by around 20, or 5,000 people, this year.

Cathay will pay it first dividend to ordinary shareholders since 2019, it said.

A jump in demand after the lifting of COVIDrelated travel restrictions contributed to the strong financial performance, Cathay Group Chair Patrick Healy said in a statement. Hong Kong and mainland China lifted international travel restrictions in early 2023.

Revenue rose 85 in 2023 to HK94.5 billion.

Cathay39;s stock price soared more than 6 after the results to its highest level since February 2020, outpacing a 0.6 rise for the benchmark Hong Kong index.

The airline had received a 5 billion pandemicrelated rescue package led by the Hong Kong government in 2020 and posted a loss of HK6.6 billion in 2022.

Cathay said it aims to reach 80 of its prepandemic passenger flights within the second quarter of this year, and 100 within the first quarter of 2025 three months later than a previously stated target.

The carrier has restored capacity more slowly than its closest rival, Singapore Airlines, because it faced tighter quarantine rules for longer, and needed to hire more…