Low-cost carrier Cebu Pacific (CEB)'s net income for the first quarter of 2024 surges by 108 percent to P2.2 billion from P1.08 billion in 2023 as Filipino fliers sustain the appetite for air travel.
In a disclosure to the Philippine Stock Exchange (PSE) on May 8, the airline recorded a 114 percent leap in operating income to P2.6 billion in the first quarter of 2024 compared to P1.24 billion last year.
Aside from income, CEB also saw increased revenues by 21 percent to P25.3 billion in the first quarter of this year from P20.9 billion in 2023.
The boost in revenues was attributed to strong growth in the passenger business, which rose by 25 percent to P18 billion from P14 billion in the previous year, driven by travelers returning to the country from the Christmas holiday and travel back-and-forth during Easter, as well higher frequencies recorded to famous destinations.
From January to March, the airline flew over 5.5 million passengers, marking a 14 percent increase from passenger volume last year.
Revenues from its ancillary business also grew by 14 percent to P6.2 billion because of higher passenger count, while the cargo business logged 11 percent higher revenues to P1.3 billion, carrying 35 million kilos of cargo this period in 2024.
CEB mounted 14 percent more flights in the first quarter this year, resulting in 15 percent higher operating expenses to P22.6 billion from P19.6 billion in 2023's initial quarter. These are attributed to expenses spent mostly on flying operations (P9.33 billion) and fleet-related expenses.
"As Cebu Pacific steps into 2024, the airline is committed to sustaining the positive momentum it has started in the past year. Given its widest network in the Philippines, with over 35 domestic and 24 international destinations, we will continue our mission to provide safe, reliable, and affordable flights to every Juan," said CEB Chief Financial Officer (CFO) Mark Cezar.