Cebu Pac reports lower net income despite revenue growth

Cebu Pacific reported a significant decline in net income to P2.64 billion in 2024 from P8.34 billion in 2023, due to rising costs outpacing revenue growth.

The airline's chief financial officer, Mark Julius V. Cezar, expressed optimism about the company's potential for growth despite cost pressures.

Total revenues grew by 15.4% to P98.19 billion in 2024, driven primarily by a 13.5% increase in passenger revenue to P65.15 billion.

Cebu Pacific carried 24.5 million passengers last year, marking an 18% increase from the previous year while maintaining an 84.4% seat load factor.

The airline expanded its route network and secured a market share of 54.1% in the domestic market and 20.6% in the international market.

In October 2024, Cebu Pacific finalized a P1.4-trillion aircraft order with Airbus SE for up to 152 aircraft.