During listed operator Cebu Air Inc.'s annual stockholders’ meeting on Thursday, CEB chair Lance Gokongwei looked back at a milestone 2024 where the carrier seized market share and expanded its network.
This comes amid global headwinds such as trade tensions, currency swings, and supply chain disruptions that can impact the tightly interlinked global aviation sector.
“Our work over the past couple of years have placed Cebu Pacific in a position to take advantage of the Philippine growth story, and we are confident that our airline will continue to reach new highs – on the back of the outstanding work of the organization, other stakeholders, and of course, your unwavering support,” Gokongwei said in his message to stockholders.
Record numbers in 2024
• Historic high revenues: P104.9 billion in 2024, up 15.8 percent.
• Passenger surge: 24.5 million flown, up 17.6 percent, across 159,208 flights with 168,602 tonnes of cargo moved.
• Network lead: Largest network in the Philippines with 123 routes, 63 destinations, and 3,864 weekly flights; domestic market share rose to 54 percent from 53 percent in 2023.
• Profit despite headwinds: P9.2 billion operating income amid delivery delays and engine issues; fleet expanded to 98 aircraft.
• Strong 2025 start: January–February 2025 passengers hit 4.7 million, up 30 percent, showing market absorption of added capacity.
• Historic aircraft deal: Signed agreement for up to 152 Airbus jets worth $24 billion—the largest order in Philippine aviation history.
Ongoing fleet expansion
To support its growth in 2024, Cebu Pacific added 17 new aircraft and expanded its hubs across the country to make affordable air travel more accessible.
CEB CEO Michael Szucs said these moves helped the airline pull ahead of competitors and strengthen its market lead.
“By seizing these opportunities, we have not only outpaced competition but also solidified our position as industry leader,” Szucs said.
The airline ended 2024 as the top carrier in both the international and domestic markets and entered 2025 with strong momentum.
What’s next?
For 2025, Cebu Pacific president and chief commercial officer Xander Lao earlier said the carrier is expecting to reach about 30 million passengers versus 24.5 million flyers last year.
“The early aircraft investments made by the airline group in 2024 will enable it to increase its growth rate in 2025,” Cebu Pacific said in its annual report.
During the first quarter of 2025, Cebu Pacific flew 7 million passengers, up 26.3 percent from 2024, with domestic traffic rising 27.9 percent and international by 21.8 percent.
Seat load factor averaged 84.9 percent as total capacity grew 24.8 percent to 8.2 million seats.
