In a remarkable turnaround, Philippine Airlines (PAL) concluded 2022 on a high note, with its first positive full-year operating income since 2019. The Philippine flag carrier’s operating income reached USD 297.2 million, and its total comprehensive income amounted to USD 196.9 million for the year ending December 31, 2022.
This financial milestone can be attributed to a significant 112% increase in consolidated revenues, which rose to USD 2.57 billion in 2022 from the previous year’s USD 1.21 billion. The growth in air travel demand was the primary factor, driven by the easing of travel restrictions and the reopening of borders in many countries. PAL demonstrated its resilience and adaptability, with consistently positive performances across all four quarters of 2022.
PAL President & COO Captain Stanley K. Ng expressed gratitude for the unwavering support of the airline’s customers, shareholders, service partners, and dedicated employees. He emphasized that Philippine Airlines remains committed to its recovery and renewal journey, using its resources to enhance services, upgrade its fleet, expand connections to key markets, and offer improved products for its valued customers.
Significant Increase from 2021
In 2022, PAL’s flights achieved an average passenger load factor of 72%, a significant improvement from the previous year’s 42.6%. The flag carrier transported a total of 9.3 million passengers throughout the year, representing a 214% increase from 2021. This impressive growth spans both the PAL mainline network and PAL Express operations.
While total operating expenses in 2022 increased to USD 2.27 billion, primarily due to the rise in flights and escalating fuel prices, PAL’s total comprehensive income of USD 196.9 million marks another critical milestone in its recovery. The airline also posted a total comprehensive income of USD 1.21 billion in 2021, which included a net gain of USD 1.44 billion from debt restructuring.
Continuous Expansion of Network
PAL continued to expand and innovate its route network in 2022, adding flights to several overseas destinations in North America, Asia, Australia, and the Middle East. The airline also pioneered new domestic routes, such as Cebu-Baguio, Cebu-Borongan, and Cotabato-Tawi-Tawi, to support local economic growth and stimulate tourism.
2023 has seen PAL forge ahead with further expansions, including the historic inauguration of a nonstop Manila-Perth link and the reopening of multiple routes between the Philippines and mainland China. The airline maintains an extensive network, being the only carrier offering nonstop flights from the Philippines to the U.S. and Canada, and providing connections between Manila and multiple cities across the Middle East, Japan, and Australia. As PAL moves forward, its commitment to enhancing its services and supporting the Philippines’ economic and tourism development goals remains steadfast.
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