Gokongwei-led Cebu Pacific is upbeat about its continued growth this year on the heels of its massive expansion drive in 2024, during which the budget carrier expanded its fleet capacity and hubs across the country.

During the airline’s annual stockholders’ meeting, Cebu Pacific Chairman Lance Gokongwei said the expansion of their network and strategic investment in aircraft have positioned the carrier to capitalize on the steady growth of the country’s airline industry.

Gokongwei said the airline “will continue to reach new highs” based on its strong momentum, as 2024 ended with significant revenue growth.

Cebu Air Inc., the operator of Cebu Pacific, earlier reported that revenues rose by 16 percent in 2024 to ₱104.9 billion from ₱90.6 billion in the previous year.

The growth was driven by a substantial increase in passengers. Last year, 24.5 million passengers were carried, up 18 percent from 2023. The seat load factor (SLF), which measures how many of the available seats were occupied, also improved to 84.4 percent.

Likewise, passenger revenues went up 14 percent to ₱71.30 billion from ₱62.46 billion.

Cebu Pacific’s net income, however, fell by 32 percent to ₱5.4 billion from ₱7.9 billion in the prior year, primarily due to its aircraft expansion.

As part of its efforts to support further growth and ensure operational resilience, the carrier delivered 17 aircraft in 2024, bringing its total fleet to 98.

This was alongside a more forceful push to develop hubs across various regional airports in the country as a move to fly more passengers.

Cebu Pacific Chief Executive Officer (CEO) Michael Szucs said these investments to bolster its role in the market were key catalysts to the airline’s recent growth.

“By seizing these opportunities, we have not only outpaced competition but also solidified our position as industry leader,” said Szucs.

Cebu Pacific’s focus on expansion in 2024 enabled the airline to capture 54.1 percent of the domestic and 20.6 percent of the international markets.

Szucs said he is confident that this upward trend will continue in 2025, as recent months have shown that the market is capable of absorbing additional capacity.

In the first quarter of the year, Cebu Pacific saw its passenger base rise to seven million, an increase of 26.3 percent from 5.5 million during the same period last year.

Domestic passengers climbed 27.9 percent to 5.2 million, while international passengers surged 21.8 percent to 1.8 million. During the reference period, SLF averaged 84.9 percent while overall capacity in seats spiked by 24.8 percent to 8.2 million.

Szucs said the airline’s positive projection will be anchored in the long-term growth potential of the country’s aviation sector, driven by the Philippines’ economic, geographic, and demographic advantages.