Cebu Pacific Cut Net Loss by 44% in 2022, Revenues Surge to P56.8 Billion
Cebu Pacific, the country’s leading low-cost carrier, narrowed its net loss by nearly 44 percent in 2022, thanks to the uptick in travel following the easing of restrictions.
The Gokongwei Group company on Tuesday (March 28) said net loss fell to P14 billion last year from P24.9 billion the previous year. Operating loss, meanwhile, also decreased to P11.4 billion, or about half of the previous year.
The airline’s revenues surged 261 percent increase to P56.8 billion in 2022 as passenger business ballooned 459 percent to P35.1 billion, on the back of higher travel demand, both domestically and internationally.
“While 2022 brought optimism on the demand front, CEB’s profitability remained challenged by the economic environment, as jet fuel prices spiked and the peso depreciated versus the dollar,” Cebu Pacific said in a statement.
For 2023, the carrier is “confident in its ability to overcome” its anticipated headwinds.
“CEB is ready to move forward with optimism and confidence as we transition from recovery to growth mode,” said Mike Szucs, CEO of Cebu Pacific. “We remain committed to enabling everyone to fly and look forward to welcoming even more passengers onboard in the coming months.”
Earlier this month, Cebu Pacific reported that it flew 13.5 million domestic passengers last year, up 312 percent from 2021 and enough to give it a commanding 57 percent domestic market share. That’s up five percentage points from 2019’s 52 percent.
Adding the numbers from its international operations, Cebu Pacific flew a total of 14.8 million passengers in 2022, a 335 percent increase from the previous year and a total seat load of 75 percent.
Esquire Philippines is published by Summit Media, which is a portfolio company of the Gokongwei Group.