Budget carrier Cebu Pacific said it is optimistic about its growth prospects this year, banking on network and fleet expansions.
During its annual stockholders’ meeting on Thursday, May 8, CEB chairman Lance Gokongwei said Cebu Pacific will take advantage of the Philippines’ economic growth as it continues to aim at new highs.
The company finished 2024 with “significant growth in revenues through record-breaking passenger numbers and a consistently strong seat load factor,” Gokongwei said.
Last year, CEB’s revenue grew 15 percent to P98.19 billion from P85.09 billion in 2023, driven by increased passenger and ancillary revenues.
However, due to higher operational costs, the airline’s net income declined to P2.64 billion in 2024 from P8.34 billion in 2023.
Gokongwei said CEB took delivery of 17 aircraft in 2024 and pushed forward with the development of hubs across the country to ensure that more people have access to affordable air travel.
Meanwhile, CEB chief executive officer Michael Szucs said strategic investments in hubs and aircraft have been key catalysts of CEB’s growth.
“By seizing these opportunities, we have not only outpaced competition but also solidified our position as industry leader,” Szucs said.
Szucs expressed confidence in CEB’s continued growth in 2025, noting that the early months of 2025 showed the market is already absorbing the additional capacity and that this will also strengthen the company’s overall financial position.
He also expressed his optimism about the long-term growth potential of Philippine aviation, which is driven by the country’s economic, geographic, and demographic advantages.
CEB said its historic order for up to 152 aircraft signed in 2024, reflected its commitment to supporting the Philippines’ continued growth and development, and securing its leadership position into the next decade.
