Cebu Pacific on Thursday reported net income in 2024 falling 31.64 percent to only P5.4 billion, from P7.9 billion in 2023. The dip was attributed to increased fleet and financing expenses. However, the airline reported a 16 percent rise in total revenue reaching P104.9 billion, driven by growth in its passenger, ancillary, and cargo businesses. The passenger segment generated P71.3 billion, up 14 percent from prior year, while ancillary services contributed P28 billion, a 16 percent increase, while cargo saw a 39 percent rise to P5.6 billion.
Despite these cost challenges, including higher crew and airport service expenses, Cebu Pacific operating income grew 7 percent, reaching P9.2 billion, with a 9 percent operating margin. The airline also expanded its fleet by 13 aircraft, totaling 98 by year-end.
In terms of market share, Cebu Pacific solidified its dominance, capturing 54.1 percent of the domestic market and 20.6 percent of the international market in 2024. By the fourth quarter, its domestic market share rose to 58.4 percent, while international market share increased to 22.5 percent.
Looking ahead, Cebu Pacific remains optimistic on the growth potential of Philippine aviation seen driven by strong economic and demographic factors. The airline is poised to continue expanding both domestically and internationally, with strategic investments in its fleet and hubs supporting its long-term growth trajectory.
