Philippine Airlines reports strong 2024 results
Philippine Airlines (PAL) confirmed that it has maintained a steady course in its corporate transformation, as evidenced by its annual financial report for 2024.
Financial Highlights:
- Net Income: US$151.1 million – a net margin of 5%, exceeding the average 3% in the global airline sector as per the International Air Transport Association (IATA).
- Q4 Performance: Revenues during the last quarter reached US$790.2 million, up from US$733 million in Q3.
- Flight Operations: PAL recorded its 13th consecutive profitable quarter thanks to effective cost management and growing passenger demand.
Insights from Leadership
Stanley K Ng, PAL’s President and COO, commented:
“We are very pleased with the solid financial performance achieved by the Philippine Airlines team, an outcome of greater operational efficiency, improved schedule reliability, and more consistent service across our global network. In 2024, PAL operated five percent more flights while improving on-time performance by two percent and schedule reliability by four percent.”
Ng mentioned that these improvements have led to higher customer satisfaction scores, showing an uptick to 73% and a net promoter score of +43, among the best ratings in the airline’s history.
Operational Metrics
- Passenger Traffic: 15.6 million passengers in 2024, a six percent increase from 2023.
- Total Flights: 110,867 flights – up from 105,294 in 2023.
- Revenue Breakdown: Total revenues amounted to US$3.13 billion, with a 4% decrease compared to the previous year, while cargo and ancillary revenue saw healthy growth.
Despite challenges such as inflation and increased competition, PAL’s revenue management and operational strategies have demonstrated resilience, positioning it as a formidable full-service airline in the region.
