Cebu Pacific’s 2024 Net Income Drops to ₱5.4B Amid Fleet Expansion Costs

Cebu Pacific reported a dip in net income for 2024, citing increased costs tied to its aggressive fleet expansion.

The Gokongwei-led budget airline saw earnings drop to ₱5.4 billion from ₱7.9 billion in 2023, mainly due to higher fleet and financing expenses. The company added 13 aircraft last year, bringing its total fleet to 98 by year-end.

Despite the lower profit, Cebu Pacific posted strong operational growth. The airline generated ₱104.9 billion in revenue—up 16% year-over-year—driven largely by its passenger business, which accounted for ₱71.3 billion.

In 2024, Cebu Pacific flew 24.5 million passengers, marking an 18% increase, while maintaining a seat load factor of 84.4%. The airline captured 54.1% of the domestic and 20.6% of the international market.

Chief Finance Officer Mark Cezar said the expansion is part of a long-term strategy to strengthen Cebu Pacific’s leadership in the aviation sector. “We’re building a strong foundation for continued growth in 2025,” he noted.