Philippine Airlines presents 2024 annual report

Philippine Airways (PAL) affirmed the continued progress of its company transformation journey because it launched its annual financials for 2024.

The Philippine nationwide flag-carrier ended the 12 months with a internet earnings of US$151.1 million, attaining a five-percent internet margin that outpaced the worldwide airline trade common of three p.c, as tracked by the Worldwide Air Transport Affiliation (IATA).

The fourth quarter of 2024 confirmed an eight-percent improve in system-wide revenues to US$790.2 million, versus the US$733 million reported within the third quarter, at the same time as working earnings and internet earnings elevated by 296 p.c and 19 p.c respectively. 

This marks PAL’s thirteenth straight worthwhile quarter that displays disciplined value administration, sustained passenger demand, and strategic community enlargement, reinforcing its place as one of many area’s most resilient full-service air carriers.

Stable efficiency

In keeping with airline president and chief working officer Stanley Okay Ng: “We’re more than happy with the strong monetary efficiency achieved by the Philippine Airways staff, an consequence of higher operational effectivity, improved schedule reliability, and extra constant service throughout our international community. In 2024, PAL operated 5 p.c extra flights whereas bettering on-time-performance by two p.c and schedule reliability by 4 p.c.”

Ng added that these features contributed to a big improve in buyer satisfaction (CSAT) scores, which rose to 73 p.c, and internet promoter scores (NPS), which reached +43, each rating among the many strongest outcomes the airline has delivered so far.

Likewise, PAL carried 15.6 million passengers in 2024, six p.c greater than in 2023, whereas mounting a complete of 110,867 flights system-wide.

This exhibits a rise of round 5 p.c from the 105,294 flights operated in 2023. 

The calibrated enlargement of PAL’s community included the launching of Manila-Seattle nonstop flights final October, PAL’s first new US route in 9 years, together with progressive will increase in frequencies on numerous worldwide and home routes.

The incremental development in passenger carriages and strong monetary efficiency got here regardless of a common moderation of development charges, inflationary strains and elevated competitors that put stress on yields. 

PAL generated revenues of US$3.13 billion, down by 4 p.c from the US$3.25 billion recorded in 2023. 

Passenger revenues declined by six p.c from US$2.87 billion to US$2.70 billion, whereas cargo and ancillary revenues registered a wholesome improve of 12 p.c and 16 p.c, respectively.

Whole working bills rose by three p.c to US$2.82 billion attributable to greater lease prices and airport prices, though these had been offset by decrease gasoline bills and more practical cost-management measures. Gas stays the most important value merchandise, representing 31 p.c of revenues. 

Working earnings at 12 months’s finish was at US$314.4 million, round 37 p.c decrease than the 2023 whole and is proof of  general market moderation. 

Earnings earlier than curiosity, taxes, depreciation and amortization (EBITDA) had been at US$614.4 million at end-2024.