Cebu Pacific (CEB) experienced a significant increase in revenue, with a growth of 60 percent, reaching P90.6 billion in 2023 compared to the previous year.

The passenger business was the driving force behind this significant recovery, with revenue reaching P62.5 billion, which is 78 percent higher than the previous year. Over 20 million passengers and over 140,000 flights were flown in 2023, representing increases of 41 percent and 30 percent, respectively, over the previous year. The seat load factor increased to 84 percent, a gain of nearly 9 percentage points from the previous year. 

Due to increased fuel and fleet-related costs, total operating expenses came to P82 billion, a 20 percent increase from the previous year. In order to boost its operational resilience and maintain capacity development, CEB took delivery of 18 new aircraft in 2023. Its expenses also include various measures to enhance its customer-first goals and digitization. 

In light of these, CEB reported net income of P7.9 billion and operating income of P8.6 billion, both of which represent a significant improvement above losses in 2022. Profits before interest, taxes, depreciation, and amortization—or EBITDA—rose sharply from P664 million in 2022 to PHP 21.8 billion. 

The airline also recorded its highest revenue quarter ever in the fourth quarter, bringing in P23.7 billion, a 23 percent increase over the previous year. In contrast to the operational loss of P232 million in the same quarter of 2022, operating income in the fourth quarter of 2023 was P2.4 billion. In contrast to the P1.9 billion financial loss sustained during the same period in 2022, the fourth quarter's net income of P2.9 billion represented a positive development.   

“Moving forward, we are optimistic that Cebu Pacific’s solid 2023 financial results will set the foundation for a stronger financial performance in 2024,” said Mark Cezar, CEB Chief Finance Officer.