Cebu Pacific (CEB) recorded a whooping 261% increase in revenue from 2021 to close at P56.8bn in 2022. The airline made a 459% year-on-year (Y-O-Y) recovery in passenger business to close at P35.1 bn citing rising domestic and international demand coupled with the easing of various travel regulations.
The airline reported a net loss of P14 bn in 2022 from P24.9 bn in 2021 while the operating loss reduced to P11.4bn, almost half of 2021. The airline’s EBITDA closed at P664 million from negative P8.8 bn last year.
The airline’s recovery accelerated during the fourth quarter of 2022. Total revenues up 192% year on year to P19.2 billion. Net loss reduced from P2.9 billion in the Q4 of 2021 to P1.9 billion in the fourth quarter of 2022. The airline’s operating loss decreased significantly, from P4.3 billion in the fourth quarter of 2021 to P232 million in 2022.
"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, Cebu Pacific.
Despite facing unprecedented headwinds, CEB is confident in its ability to overcome them while remaining true to its commitment to enable everyone to fly.