Cebu Air, Inc. Reported P25.3 Billion in Revenue in Q12024, Up 21%

One of the top carriers in the Philippines, Cebu Pacific (CEB), saw a 21% growth in revenue to P25.3 billion in the first quarter of 2024.

The passenger business expanded rapidly, bringing in about P18 billion in revenue, a 25% increase over the previous year. CEB carried more than 5.5 million passengers between January and March, up 3% from the previous quarter and 14% from the same time last year.

Returning visitors during the Christmas and Easter breaks, along with other Philippine holidays and events, helped to sustain growth. Higher frequencies on well-traveled routes and the opening of the Manila-Danang line increased the company's global reach in conjunction with this.

Due in part to an increase in passengers, ancillary business produced over P6.2 billion in revenue, a 14% increase from the previous year. CEB transported 35 million kilograms of freight last year, a 16% increase over the previous year, demonstrating development in the cargo business. Revenue from this was about P1.3 billion, 11% more than during the same time last year.
​
Operating costs increased by 15% year over year to about P23 billion, mostly due to an increase in flying operations and fleet-related costs. CEB conducted 14% more flights during this time last year than it did this year. In order to maintain expansion and increase operational resilience and reliability, CEB added 17 more aircraft to its fleet.
​
For the first quarter, CEB reported operational income of P2.6 billion, an increase of 114% over the previous year. Similarly, net income increased to almost P2.2 billion, a 108% increase over the same time last year.

"As Cebu Pacific steps into 2025, the airline is commited to sustaining the positive momentum it has started in the past year. Given its widest network in the Philippines, with over 35 domestic and 24 international destinations, we will continue our mission to provide safe, reliable, and affordable flights to every Juan," said Cebu Pacific Chief Financial Officer Mark Cezar.