Cebu Pacific Records Staggering 261% Increase in Revenue to P56.8 Billion in 2022

Cebu Pacific, the top carrier in the Philippines, experienced a surge in revenues in 2022, with a 261% increase to P56.8 billion compared to the previous year.

The passenger business was the primary driver of this steep recovery, with a growth rate of 459% year on year to P35.1 billion due to higher travel demand domestically and internationally, coupled with the easing of various travel restrictions. However, the airline’s profitability remained challenged by the economic environment as jet fuel prices spiked, and the peso depreciated against the dollar.

Despite these headwinds, CEB’s EBITDA returned to positive territory at P664 million, and the net loss reduced to P14 billion in 2022 from P24.9 billion in the previous year. Operating loss also decreased to P11.4 billion, which was about half of the previous year.

The airline’s recovery accelerated during the fourth quarter of 2022, with total revenues up 192% year on year to P19.2 billion. The net loss reduced from P2.9 billion in the fourth quarter of 2021 to P1.9 billion in the fourth quarter of 2022, and the operating loss decreased significantly from P4.3 billion in the fourth quarter of 2021 to P232 million in 2022.

Despite the unprecedented challenges, CEB remains confident in its ability to overcome them while remaining true to its commitment to enable everyone to fly.

“CEB is ready to move forward with optimism and confidence as we transition from recovery to growth mode. We remain committed to enabling everyone to fly and look forward to welcoming even more passengers onboard in the coming months,” said Mike Szucs, CEO of Cebu Pacific.