Cebu Pacific said Thursday its net income fell 31.64 percent in 2024 on higher fleet and financing expenses.
The airline unit of the Gokongwei Group said it posted a net income of P5.4 billion last year, down from P7.9 billion in 2023.
Cebu Pacific generated total revenues of P104.9 billion, a 16-percent increase year-on-year. This was driven by its passenger business, which generated P71.3 billion, or 14 percent higher than in 2023.
The airline’s ancillary business contributed P28 billion, up 16 percent from a year ago. Its cargo business raises P5.6 billion in revenue, reflecting a 39-percent year-on-year increase.
“We have always been optimistic about the potential of Philippine aviation, driven by the country’s strong economic, geographic, and demographic advantages. Strategic investments in our fleet and hubs have been key to Cebu Pacific’s growth,” said Mark Cezar, Cebu Pacific chief finance officer.
“By capitalizing on these opportunities early, we’ve positioned ourselves as leaders in both the domestic and international markets. This solid foundation gives us great confidence as we look ahead to 2025, where we anticipate continuing our rapid growth and improving both operational and financial performance,” he said.
Cebu Pacific carried 24.5 million passengers in 2024, an 18-percent increase from 2023, while maintaining a strong seat load factor of 84.4 percent.
The airline captured 54.1 percent of the domestic market, and 20.6 percent of the international market for 2024 through expanded operations and the introduction of new routes and destinations.
The airline’s market share in the domestic sector went up to 58.4 percent by the fourth quarter, while its international market share rose to 22.5 percent, securing its position as the Philippines’ leading international carrier.
The airline invested in additional aircraft and spare engines to support its growth and ensure operational resilience amid challenges like global supply chain issues. The airline ended the year with a fleet of 98 aircraft, up 13 from 2023.
Cebu Pacific saw a 7-percent year-on-year increase in operating income, reaching P9.2 billion, and achieving a 9 percent operating margin despite facing significant cost pressures, including higher expenses for crew, airport services, and fleet maintenance.
Cebu Pacific offers the widest network coverage in the Philippines with 37 domestic and 26 international destinations.
It operates one of the youngest fleets in the world, with 98 aircraft.