New PAL Leadership Set to Drive Future Growth Plans

​Philippine Airlines Inc. (PAL) has affirmed its readiness to expand its global presence and strengthen its position as a competitive player in international aviation, as the Board reported strong financial results for 2024 and formalized the appointments of Richard Nuttall as President and Atty. Carlos Luis Fernandez as Executive Vice President and Chief Operating Officer during its Annual Stockholders Meeting held on May 29.

The national flag carrier achieved a net margin of 5%, surpassing the 3% global industry average, and registered a net income of USD 151.1M (P10.22B) and operating income of USD 314.4M (P18.08B) while operating 110,867 flights and carrying 15.6 million passengers on flights to 32 cities in the Philippines and 37 cities in Asia, North America, the Middle East and Oceania.

“Philippine Airlines delivered solid financial results, expanded its network, and maintained high standards of operational reliability, amid global challenges that have continued to impact the airline industry,” said Lucio C. Tan III, President of PAL Holdings Inc., in a statement to shareholders. “These positive outcomes have led to stronger financial footing, renewed stakeholder confidence, and better preparedness for PAL for its future growth initiatives.”
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Dr. Lucio C. Tan, PAL Chairman & Chief Executive Officer, expressed optimism for the future. “Our financial stability reflects disciplined management and a clear strategic direction. With a strengthened leadership team, we believe PAL is well-positioned to navigate the challenges of an increasingly competitive global market and grow further.”

Philippine Airlines is preparing for a significant fleet upgrade with the planned delivery of nine Airbus A350-1000 long-range aircraft, the first of which is scheduled to arrive by end of the year. PAL is also strengthening its competitive edge by expanding nonstop routes and forming new inter-airline partnerships to improve connectivity to global markets and offer customers greater access to more destinations.

PAL recorded a net income of USD 77M (P4.66B) and operating income of USD 75M (P4.70B) in the first quarter of 2025, sustaining its profitability trajectory.