BUDGET carrier Cebu Pacific Inc. (CEB) said it has recovered from its 2022 losses by recording an operating income of P8.6 billion and net income of P7.9 billion in 2023.
The Gokongwei-led firm generated P90.6 billion in revenue for 2023, a 60 percent increase from the previous year.
Passenger business led this steep recovery with P62.5 billion in revenue, 78 percent higher year-on-year.
This is on the back of over 20 million passengers and over 140,000 flights flown in 2023, 41 percent and 30 percent higher year on year, respectively.
The seat load factor improved to 84 percent, almost nine percentage points higher year-on-year.
The airline’s total operating expense amounted to P82 billion due to higher fuel costs, investments in new aircraft and digitalization and customer-first initiatives. CEB took 18 aircraft deliveries throughout 2023. / KOC