Cebu Pacific (CEB), the country’s largest budget airline, finished 2024 strongly, generating total revenues of PhP104.9 billion, a 16 percent increase from last year. This growth was driven by its passenger business, which generated P71.3 billion, 14 percent higher than 2023.
The airline’s ancillary business contributed P28 billion, up 16 percent from a year ago. Its cargo business generated P5.6 billion in revenue, reflecting a 39 percent year-on-year increase. CEB carried 24.5 million passengers in 2024, an 18 percent increase from 2023, while maintaining a strong seat load factor of 84.4 percent.
Through expanded operations and the introduction of new routes and destinations, CEB captured 54.1 percent of the domestic market, and 20.6 percent of the international market for 2024. By the fourth quarter, the airline’s market share in the domestic sector went up to 58.4 percent, while its international market share rose to 22.5 percent, securing its position as the Philippine’s leading international carrier.
CEB 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. Despite facing significant cost pressures, including higher expenses for crew, airport services, and fleet maintenance, CEB saw a 7 percent year-on-year increase in operating income, reaching P9.2 billion, and achieving a 9 percent operating margin. However, increased fleet and financing costs led to a decrease in net income, from P7.9 billion in 2023 to P5.4 billion in 2024, still yielding a steady 5 percent net income margin.
“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 CEB Chief Finance Officer Mark Cezar.
“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.”
