Cebu Pacific ended 2024 with a net income of P5.4 billion, down from P7.9 billion in 2023 due to increased fleet and financing costs.

Despite this, the Gokongwei-led airline said on Thursday that it maintained a steady 5 percent net income margin while expanding operations and investing in growth.

Total revenues rose 16 percent to P104.9 billion, driven by strong passenger revenues of P71.3 billion, a 14 percent increase from 2023.

The airline’s ancillary business grew 16 percent to P28 billion, while its cargo segment saw a 39 percent jump to P5.6 billion.

This year, CEB Chief Finance Officer Mark Cezar said the company is well-positioned to sustain growth and improve performance after establishing its market leadership.

"We have always been optimistic about the potential of Philippine aviation, driven by the country’s strong economic, geographic, and demographic advantages,” Cezar said. 

“Strategic investments in our fleet and hubs have been key to Cebu Pacific’s growth,” he added.

CEB carried 24.5 million passengers, an 18 percent increase year-on-year, while maintaining a seat load factor of 84.4 percent.

The airline captured 54.1 percent of the domestic market and 20.6 percent of the international market for the year, further solidifying its position as the Philippines’ leading international carrier.

To support its expansion, CEB added 13 aircraft, bringing its fleet to 98 by year-end.

However, rising expenses for crew, airport services, and fleet maintenance put pressure on earnings, with operating income increasing by 7 percent to P9.2 billion and an operating margin of 9 percent.