Latest news with #Gokongwei-led
GMA Network
28-05-2025
- Business
- GMA Network
Cebu Pacific leasing aircraft to Saudia's flyadeal
Cebu Pacific CEO Mike Szucs and flyadeal CEO Steven Greenway sign the joint strategic commercial initiatives agreement in Manila on Wednesday, May 28, 2025. (Photo by Ted Cordero) Gokongwei-led budget carrier Cebu Pacific has entered into a strategic partnership with Saudi flag carrier Saudia's low-cost airline flyadeal. At a ceremony in Parañaque City on Wednesday, Cebu Pacific CEO Mike Szucs and flyadeal CEO Steven Greenway signed a memorandum of understanding (MOU) for both airlines to 'explore joint strategic commercial initiatives.' The initial phase of the MOU covers a wet-lease arrangement between Cebu Pacific and flyadeal, in which the Saudi Arabian low-cost carrier will lease two aircraft —Airbus A320– from the Philippine budget carrier for the summer peak flying season in the Kingdom of Saudi Arabia next month. The partnership would also involve joint commercial cooperation and support in maintenance and engineering, according to Szucs. Consequently, Cebu Pacific is also eyeing wet-leasing flyadeal's A320 aircraft to augment its fleet during the busy winter period in Southeast Asia towards the end of the year. 'With Cebu Pacific's growing fleet, we seek to maximize the potential of our increased capacity through all months of the year. The utilization of our capacity by other carriers during our lean season is a way of achieving that,' said Szucs. 'This partnership with flyadeal highlights Cebu Pacific's growing capability to support international carriers through wet leasing and broader operational collaboration. It diversifies our revenue streams and further expands Cebu Pacific's presence beyond the Asia Pacific region,' he added. Greenway said the agreement ''marks flyadeal's first ever strategic airline partnership.' 'This was the starting point for wide-ranging commercial discussions covering a broad range of areas, including more immediate needs of wet-leasing aircraft for flyadeal's busy upcoming summer season. It's a win-win situation all around to bring in Cebu Pacific aircraft during our peak period and vice versa for Mike and his team to explore taking our aircraft for their winter peak later this year,'' he said. — VBL, GMA Integrated News
Filipino Times
28-03-2025
- Business
- Filipino Times
Cebu Pacific grows revenue and passenger count in 2024 despite higher costs
Cebu Pacific recorded a 16% increase in total revenue to P104.9 billion in 2024, driven by strong passenger demand and strategic fleet expansion. The airline carried 24.5 million passengers, up 18% from the previous year, while maintaining a solid seat load factor of 84.4%. Despite increased fleet and financing costs leading to a net income of P5.4 billion, the Gokongwei-led budget carrier remains optimistic about growth opportunities. With 13 new aircraft added in 2024, Cebu Pacific ended the year with a fleet of 98 planes, reinforcing its leadership in the domestic and international markets. Chief Finance Officer Mark Cezar emphasized the airline's confidence in the Philippine aviation industry, citing strategic investments as key drivers for continued expansion and improved performance in 2025.
