Philippine Airlines Inc. (PAL), the country’s flag carrier, has reaffirmed its readiness to strengthen its global presence and reinforce its position as a competitive player in international aviation. This announcement follows the company’s robust financial performance for the full year 2024 and key leadership appointments formalized during its Annual Stockholders Meeting held on May 29.
PAL reported a net income of USD 151.1 million (PHP 10.22 billion) for 2024, with a net margin of 5%, outperforming the global industry average of 3%. Operating income reached USD 314.4 million (PHP 18.08 billion), driven by the successful operation of 110,867 flights and the transport of 15.6 million passengers across its extensive network of 32 domestic and 37 international destinations spanning Asia, North America, the Middle East, and Oceania.
“Philippine Airlines delivered solid financial results, expanded its network, and maintained high standards of operational reliability, amid global challenges that have continued to impact the airline industry,” said Lucio C. Tan III, President of PAL Holdings Inc. “These positive outcomes have led to a stronger financial footing, renewed stakeholder confidence, and better preparedness for PAL for its future growth initiatives.”
During the meeting, the PAL Board formalized the appointments of Richard Nuttall as President and Atty. Carlos Luis Fernandez as Executive Vice President and Chief Operating Officer, underscoring the airline’s commitment to strong, strategic leadership as it charts the next phase of growth.
Dr. Lucio C. Tan, PAL Chairman & Chief Executive Officer, expressed optimism about the airline’s future: “Our financial stability reflects disciplined management and a clear strategic direction. With a strengthened leadership team, we believe PAL is well-positioned to navigate the challenges of an increasingly competitive global market and grow further.”
Looking ahead, PAL is preparing for a major fleet modernization initiative, including the planned delivery of nine Airbus A350-1000 long-range aircraft, with the first aircraft expected to arrive by the end of 2025. These state-of-the-art aircraft will enhance PAL’s capability to serve ultra-long-haul routes and improve fuel efficiency.
To strengthen its competitive edge, PAL is also expanding its portfolio of nonstop international routes and entering new inter-airline partnerships to increase global connectivity and offer passengers greater access to international destinations.
The airline’s momentum has carried into 2025, with PAL posting a net income of USD 77 million (PHP 4.66 billion) and operating income of USD 75 million (PHP 4.70 billion) in the first quarter alone, sustaining its profitability trajectory.
With strong financials, a visionary leadership team, and bold plans for growth, Philippine Airlines is poised to elevate its global standing and deliver greater value to its customers, stakeholders, and the broader aviation industry.
