Clark Freeport — Gokongwei-led Cebu Pacific recorded P104.9 billion in total revenue for 2024, or a 16 percent increase from the previous year.
A statement released on 28 March 2025 said the airline company’s growth was driven by its passenger business, which generated P71.3 billion, 14 percent higher than 2023.
Both ancillary and cargo businesses significantly increased from 2023, with the company citing that the ancillary business contributed P28-billion or a 16 percent increase, while the cargo business generated P5.6 billion in revenues, showing a 39 percent year-on-year increase.
CEB flew 24.5 million passengers in 2024, an 18 percent increase from 2023, while maintaining a strong seat load factor of 84.4 percent.
Expanded operations, new routes
Through expanded operations and the introduction of new routes and destinations, CEB captured 54.1 percent of the total domestic market, and 20.6 percent of the international market for 2024.
By the fourth quarter, the airline’s market share in the domestic sector went up 58.4 percent, while its international market share rose to 22.5 percent, securing its position as the Philippines’ leading international carrier.
The airline invested in additional aircraft and spare engines to support its growth and ensure operational resilience amid challenges like global supply chain issues.
It ended the year with a fleet of 98 aircraft, up 13 from 2023.
Despite facing significant cost pressures, including higher expenses for crew, airport services, and fleet maintenance, CEB saw a 7 percent year-on-year increase in operating income, reaching P9.2 billion, and achieving a nine percent operating margin.
However, increased fleet and financing costs led to a decrease in net income, from P7.9 billion in 2023 to P5.4 billion in 2024, while still yielding a steady five percent net income margin.
Strategic investments in fleet and hubs
"We have always been optimistic about the potential of Philippine aviation, driven by the country’s strong economic, geographic, and demographic advantages. Strategic investments in our fleet and hubs have been key to Cebu Pacific’s growth,” CEB chief finance officer Mark Cezar said.