Cebu Pacific saw its total revenue rise to P74.5 billion for the first nine months of 2024, reflecting an 11% increase compared to the same period in 2023. This growth came despite challenges tied to rising expenses from its investment in new aircraft and engines. Cebu Pacific carried 17.5 million passengers during this period, marking a 13% year-on-year increase and achieving an average seat load factor of 84.9%.
For the third quarter of 2024, Cebu Pacific recorded revenue of P23.1 billion, which was slightly lower than the same quarter last year. The decline stemmed from a shift in seasonality due to the earlier start of the K-12 academic year. Despite this, the airline flew over six million passengers during the quarter, representing a 14% increase compared to the same period in 2023.
To encourage more travel, Cebu Pacific introduced lower fares, averaging P2,577 per passenger—a 15% decrease from the previous year. These adjustments contributed to lower operating income, which stood at P202 million, compared to P2.4 billion in the third quarter of 2023. The airline also reported a net loss of P173 million for the quarter, a shift from the P1.3 billion net income recorded last year.
Investments to Support Growth
Cebu Pacific invested heavily in its fleet and operations to sustain growth. By the end of September 2024, the airline operated a fleet of 91 aircraft, adding 10 new aircraft and 10 additional spare engines compared to the previous year. These investments aim to enhance operational reliability and support the airline’s growing network.
The airline deployed its new aircraft to expand operations at its regional hubs in Cebu, Clark, Davao, and Iloilo. It also upgraded to larger aircraft for flights from Manila. Additionally, Cebu Pacific expanded its reach by acquiring AirSWIFT, adding turboprop planes to its fleet and integrating El Nido, a top leisure destination in the Philippines, into its network.
Cebu Pacific expects to achieve nearly 60% domestic market share by the fourth quarter of 2024, up from 52% before the pandemic. The airline continues to prioritize strategic investments in airports, aircraft, and regional hubs to strengthen its position in the market.
“CEB has a unique opportunity to grow when others cannot. So, despite the short-term impact to margin development, we will be growing rapidly, creating a robust network across the Philippines to expand and strengthen our market presence. We expect to reach a domestic market share of nearly 60% in the fourth quarter from 52% before the pandemic. Airport and aircraft investments open a significant market potential for CEB, and these initiatives allow us to take advantage, as well as contribute to the overall Philippine growth story,” said Cebu Pacific Chief Finance Officer Mark Cezar.
Cebu Pacific achieved an 11% revenue increase for the first nine months of 2024 and continued expanding its fleet and network. The airline anticipates further growth as it strengthens its domestic market share and integrates new destinations into its offerings.
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