Cebu Pacific (PSE: CEB), the Philippines’ leading carrier, generated P25.3 billion in revenue for the first quarter of 2024, a 21% increase from the previous year.
Passenger business grew strongly, generating almost P18 billion in revenue, which was 25% higher year-on-year. From January to March, CEB flew over 5.5 million passengers, marking a 14% increase from the same period last year, and a 3% increase from the preceding quarter.
Growth was supported by returning travelers over the Christmas holidays and Easter break, as well as other Philippine festivals and events. This was coupled by higher frequencies on popular destinations, and the expansion of international footprint through the launch of
Manila – Danang route.
Ancillary business generated over P6.2 billion in revenue, 14% higher year-on-year, likewise driven by higher passenger count. The cargo business also showed improvement from last year as CEB carried 35 million kilos of cargo, 16% higher year-on-year. This generated almost P1.3 billion revenue, 11% higher than the same period last year.
Operating expenses totaled almost P23 billion, up 15% year-on-year, driven by the increase in flying operations and fleet-related expenses. Compared to the same period last year, CEB flew 14% more flights. Further, we had 17 more aircraft in the fleet, to improve its operational resilience and reliability while maintaining growth.
CEB recorded an operating income of P2.6 billion for the first quarter, a 114% growth year-on-year. Likewise, net income grew 108% over the same period last year, reaching over P2.2 billion.
“As Cebu Pacific steps into 2024, the airline is committed 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.
